UK economy contracts as recession looms ...News

Russia Today - Economy
UK economy contracts as recession looms
source : Russia Today ( News ) () 51
Raging inflation is taking a toll on households which are forced to cut spending The UK economy contracted in the three months to June, dropping 0.1% as soaring inflation slowed spending activity, according to data revealed by the Office for National Statistics on Friday. The decline was less than the 0.3% contraction expected by analysts, and followed a drop of 0.8% in the first quarter of 2022. Monthly estimates revealed that that GDP fell by 0.6% in June, following a 0.4% increase in May. The latest data pointed to growing weakness among consumer-facing sectors of the economy as Brits have to deal with inflatio

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