Brexit-facing UK economy shrinks but set to avoid recession

Britain's Brexit-facing economy shrank in August, official data showed Thursday, but analysts say a better-than-expected July is expected to help it avoid recession.

Gross domestic product -- the combined value of all goods and services produced in the economy -- slid 0.1 percent in August from July, the Office for National Statistics said in a statement.

That contrasted however with the upwardly-revised monthly expansion of 0.4 percent in July.