UK economy contracts in April as inflation weighs

UK economy contracts in April as inflation weighs

UK economy contracts in April as inflation weighs

List of countries with highest default risk 2022(credits:google)

Advertisement
  • Output in the services, manufacturing, and construction sectors decreased.
  • It is the first time that all major sectors have contributed negatively to a monthly GDP estimate.
  • The ONS cited the effect of price rises and supply chain shortages as the cause for the decrease.
Advertisement

Official data released Monday indicated that British economic output fell for the second month in a row in April, driven down by decades-high inflation.

According to the Office for National Statistics, GDP decreased 0.3 percent in April after falling 0.1 percent in March.

Read More: UK economy rebounds record 7.5% from pandemic in 2021

Output in the services, manufacturing, and construction sectors decreased, marking “the first time that all major sectors have contributed negatively to a monthly GDP estimate since January 2021,” according to the ONS, fueling worries of a recession.

“Businesses continued to report the effect of price rises and supply chain shortages,” according to the ONS.

Read More: UK economy rebounds 0.4% in August

Advertisement
Advertisement
Read More News On

Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article
Advertisement
In The Spotlight Popular from Pakistan Entertainment
Advertisement

Next Story