Britain’s GDP Shrinks by 0.3 Percent in August

Britain's Business, Energy and Industrial Strategy Secretary Jacob Rees-Mogg attends the third day of the annual Conservative Party Conference in Birmingham, central England, on Oct. 4, 2022. Oli Scarff/AFP via Getty Images

The UK’s GDP is estimated to have shrunk in August by 0.3 percent, triggering new fears of a recession.

The Office for National Statistics (ONS) on Wednesday said that production in August fell by 1.8 percent and services fell by 0. 1 percent.