As GDP contracts again top wonk warns malaise ‘spreading throughout economy’

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City AM

By Jack Mendel The slowdown in growth is now “spreading throughout the economy”, a top economist has said in wake of this morning’s disappointing GDP figures. The leading wonk at the Institute of Directors warned of major contractions in multiple sectors following news of a 0.2 per cent fall in GDP this quarter, and a 0.6 per cent fall on a monthly basis, according to the Office for National Statistics (ONS). It could be the beginning of a recession – which is defined as two quarters of shrinking GDP in a row. Kitty Ussher, chief economist at the IOD, said the malaise had now infected industri…

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