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Evening Standard
Evening Standard
Holly Williams

Economy shrinks by more than expected amid record fall in exports to the US

Economy United States Office for National Statistics GDP Donald Trump Liz McKeown Rachel Reeves America

The economy saw the biggest monthly contraction for a year-and-a-half in April as manufacturing activity pulled back sharply amid a record drop in exports to the US following President Donald Trump’s tariff hikes.

Official figures showed gross domestic product (GDP) fell by 0.3% in April, compared with growth of 0.2% the previous month, and marking the biggest contraction since October 2023.

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