UK economy unexpectedly shrinks by 0.1% in January in blow to the chancellor ahead of spring statement; global shares on track for worst week since September amid trade war

Let’s look at the GDP figures in more detail.

The 0.9% drop in production output in January, which came after 0.5% growth in December, was mainly caused by a 1.1% slump in manufacturing while mining and quarrying also declined. Basic metals and metal products were down along with pharmaceutical products.