Economic Buzz: UK economy contracts 0.1% in April

The United Kingdom's gross domestic product (GDP) fell by 0.1% in April, according to a monthly estimate released by the country's Office for National Statistics (ONS) on Friday.

According to the report, the services sector fell by 0.2% in April. The decline was partly offset by a 0.1% rise in construction, while production remained unchanged.

On a quarterly basis, the UK economy is estimated to have expanded by 0.7% in the three months to April, compared to the previous three-month period, led by a 0.8% rise in services.

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