(VOVWORLD) - Britain's economy has lost momentum and has declined in the second quarter of 2019, according to data that showed the twin impact of Brexit and the slowdown of the global economy.
London-based IHS Markit’s purchasing managers’ index (PMI) fell to 48 last month, the lowest since February 2013. The headline index – based on measures of new orders, output, employment, supplier delivery times and stocks of purchases – stood at 49.4 in May. A reading below 50 indicates a decrease compared with that of the previous month.
Experts blamed the drop on the aftershocks of the lagging Brexit process before the UK’s original departure deadline of March 29. Since then, an extended deadline of 31 October averted the threat of a no-deal Brexit, but left companies severely backed up.