web counter UK economy shrinks as GDP falls by 0.1% – what it means for your money – Open Dazem

UK economy shrinks as GDP falls by 0.1% – what it means for your money

Understanding GDP and Its Impact on the Economy
Understanding GDP
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BRITAIN’S economy fell 0.1% in January, caused by a fall in the production sector, according to official figures.

The latest figures from the Office for National Statistics (ONS) reveal Gross Domestic Product (DGP) fell marginally in January.

Silhouetted business people walking in front of London's skyline.
The latest figures for GDP show the economy fell in January

GDP is one of the main indicators used to measure the performance of a country’s economy.

When it goes up, it means the economy is doing well, when it falls it means the economy has shrunk.

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Liz McKeown, Director of Economic Statistics at the ONS, said: “The economy shrank a little in January but grew in the latest three months as a whole, with the overall picture continuing to be of weak growth.”

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