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The UK economy contracted by 0.2% in the second quarter of 2019, for the first time since 2012, after reaching a high growth rate of 0.5% in the first quarter.
The construction sector contracted by 1.3% and the manufacturing sector fell 2.3% in the second quarter of 2019, the Office of National Statistics announced in a statement released on Friday. .
The services sector posted a weak growth rate of 0.1%, the lowest quarterly growth since the second quarter of 2016.
The economic downturn is the decline in real GDP, one of the phases of the economic cycle that goes back to growth, but its length has become a source of concern for decision-makers in capitalist economies.
The economic downturn often accompanies a decline in aggregate demand due to lower consumption and investment, higher unemployment and lower badet values (for example, stocks and real estate).
Recently, the International Monetary Fund (IMF) predicted that the UK economy will grow by 1.3% in 2019, compared with 1.2% in previous estimates.
The UK economy grew by 1.4% in 2018 and by 1.8% in 2017.
It was expected that the "Brexit", on March 29, will be extended until October 31, due to the political crisis in the country about the details of the exit agreement.
Earlier this month, the Bank of England decided to keep interest rates at 0.75%.
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