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UK economy contracts 0.6% in June and 0.1% in Q2
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LONDON (Reuters) – Britain’s economy contracted by 0.6% in monthly terms during June, and by 0.1% between April and June, official data showed on Friday.
LONDON (Reuters) – Britain’s economy contracted by 0.6% in monthly terms during June, and by 0.1% between April and June, official data showed on Friday.
A Reuters poll had pointed to a 1.3% contraction in June.
The ONS said services fell by 0.5% in June 2022, which was the main driver of the fall in GDP. June’s slide in economic output had been expected because of an extra bank holiday for Queen Elizabeth’s platinum jubilee celebrations.
(Reporting by Andy Bruce, William James and Kate Holton)
Economic contraction refers to a decline in national output as measured by GDP, indicating that the economy is shrinking, which can lead to increased unemployment and reduced consumer spending.
Bank holidays are public holidays during which banks and many businesses are closed. They can affect economic activity, as seen during events like the Queen's platinum jubilee.
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