The UK economy contracted by 0.1% in January, figures from the Office of National Statistics (ONS) show. The drop was driven by a slowdown in the production sector. Liz McKeown, ONS director of economic statistics, said: “The economy shrank a little in January but grew in the last three months as a whole, with the overall picture continuing to be one of weak growth. The fall in January was driven by a notable slowdown in manufacturing, with oil and gas extraction and construction also having weak months.”
However, services “continued to grow” in January, led by a strong month for retail. Ms McKeown added: “Especially for food stores, as people ate and drank more at home.”
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