BREAKING: UK economy SHRINKS by 0.1 per cent as Britain enters recession territory
The UK economy contracted by 0.1 per cent between April and June, compared to growth of 0.8 per cent in the previous three months, the Office for National Statistics said this morning.
Commenting on the gross domestic product (GDP) figures that showed a 0.1 per cent contraction in the second quarter of the year, Office for National Statistics director of economic statistics Darren Morgan said: “With May’s growth revised down a little and June showing a notable fall, overall the economy shrank slightly in the second quarter.”
He added: “Health was the biggest reason the economy contracted as both the test and trace and vaccine programmes were wound down, while many retailers also had a tough quarter.
“These were partially offset by growth in hotels, bars, hairdressers and outdoor events across the quarter, partly as a result of people celebrating the Platinum Jubilee.”
More to follow.
The post BREAKING: UK economy SHRINKS by 0.1 per cent as Britain enters recession territory appeared first on CityAM.
For all the latest Lifestyle News Click Here
For the latest news and updates, follow us on Google News.