In the second quarter of 2019, the UK economy contracted by 0.2%. It was the first drop in the country’s GDP in seven years – He writes for the Financial Times.
The world’s fifth largest economy grew by 0.5% in the first quarter, and economists had predicted it would only stop in the second quarter. Meanwhile, GDP recorded a negative result for the first time since the last quarter of 2012, due to the uncertainty related to Brexit and the general recessionary climate in the global economy.

In addition, what gave the UK economy a boost in the first quarter – that is, storage ahead of the country’s planned exit from the European Union on March 29 – no longer pulled production in the fourth quarter, as the Brexit date has been pushed back to October 31.

So economists expect the UK to avoid a technical recession, a drop in GDP for two consecutive quarters, as they believe companies will start stockpiling again this quarter ahead of the new exit date.

However, no one knows what will happen after Brexit, but the fact that the pound lost 4.5%. The value against the dollar for the past month only indicates that it will not be rosy.

Well, unless Boris Johnson negotiates a great new deal with the union, it doesn’t look like that at the moment.

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