UK looks likely to avoid recession despite a fall in GDP in August

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Britain’s economy shrank by 0.1 per cent  in August, but a better-than-previously thought performance in July is expected to help the UK avoid recession.

The Office for National Statistics (ONS) said economic growth picked up in August to 0.3 per cent on a three-month basis – which is seen as less volatile than monthly data.

It revised up month-on-month growth to 0.4 per cent in July, from the 0.3 per cent previous estimate, suggesting a solid start to the third quarter, which should offset the weak August performance.

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