# Sterling drops after UK economy contracts by more than expected
Published: 2023-09-13
Category: Headlines
Category URL: https://companiesdigest.com/category/headlines/
Meta Title: British Pound Drops as Economy Contracts More than Expected
Meta Description: The British pound declined against the dollar and euro on Wednesday after data showed British economic output contracted by more than expected in July.
URL: https://companiesdigest.com/sterling-drops-after-uk-economy-contracts-by-more-than-expected/

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qsutv4003uwirgbjchzj7a/images/2023-09-13t061841z1lynxmpej8c06artroptp4britain-sterling-open-1737057408458-compressed.jpg)

# Sterling drops after UK economy contracts by more than expected

LONDON (Reuters) – The British pound declined against the dollar and euro on Wednesday after data showed British economic output contracted by more than expected in July.

Sterling was last down 0.3% against the dollar at $1.2459, on track for its biggest daily drop in a week.

The euro rose 0.1% against the pound to 86.24 pence, its highest level in a month.

The UK economy contracted by 0.5% in July, the Office for National Statistics said, worse than expected contraction of 0.2% and the largest drop in monthly output since Dec. 2022.

(Reporting by Samuel Indyk; Editing by Amanda Cooper)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---