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UK economy rides out Jubilee, but recession looms

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2 個月前

STORY: Britain’s economy contracted less than feared in June.

The Office for National Statistics said Friday (August 12) that gross domestic product fell 0.6%.

That was the biggest drop since January last year - but less severe than analysts had predicted.

The public holidays around the Queen’s Jubilee were expected to cause a big drag, as the bank holidays took away two working days from the month.

But officials said the UK economy contracted by just 0.1% in the second quarter as a whole - better than analyst projections of a 0.3% drop.

However, businesses most exposed to the cost of living crisis - like retailers and restaurants - struggled.

The sector’s output was almost 5% below pre-health crisis levels.

That as consumers cope with inflation at a 40-year high.

Finance Minister Nadhim Zahawi said Britain's performance points to real resilience in the private sector.

But many economists expect a slide into recession.

The UK is expected to enter a long downturn due to surging inflation and rising interest rates.

The Bank of England predicted last week the UK would enter a recession at the end of this year and not recover until early 2024.

The Bank also raised interest rates to battle inflation, and warned price rises could go above 13% in October.

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