U.K. Economy Contracts for 9 Consecutive Months (EWU)

U.K. GDP fell more than expected second quarter. At -0.7 percent, the GDP contraction was the largest since the first quarter of 2009. The number was lower than an average analyst expectation of -0.2 percent. In the first quarter, U.K GDP contracted by 0.3 percent. Overall, U.K’s economy contracted for 9 consecutive months, stoking fears of a double dip recession. Critics say the contraction is related to austerity measures and poor fiscal policy.

iShares MSCI United Kingdom Index (NYSE: EWU) is lower by 4.75 percent year-to-date.

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