UK GDP contracted between April and June

The UK economy during those three months grew at a rate of 0.8 % according to the Office for National Statistics

The Gross Domestic Product (GDP) of the United Kingdom registered a contraction of 0.1 % between April and June, after growing at a rate of 0.8 % in the first three months of 2022, according to the first estimate of the data published by the National Statistical Office (ONS).

Compared to the second quarter of last year, UK GDP grew by 2.9 %. In this way, the British economy stood at the end of the second quarter of 2022 at 0.6 % above the level prior to the Covid-19 pandemic.

In the second quarter, service sector activity contracted 0.4 %, while production increased 0.5 % and construction activity grew 2.9 %.

On its side, real household spending between April and June fell 0.2 %, due to falls in tourism, clothing and footwear, food and non-alcoholic beverages, as well as restaurants and hotels. This was partially offset by increases in spending on transportation, housing and health.

Likewise, government consumption spending fell for the second consecutive quarter, decreasing by 2.9 % in the second quarter of 2022. This was due to lower health spending, which reflected falls in activities related to Covid-19.

The UK goods and services trade deficit improved to 4.7 % of nominal GDP in the second quarter of 2022, from 5.4 % in the first three months of 2022.

In the month of June, the second-largest economy in Europe suffered a contraction of 0.6 % compared to the previous month, when it had grown by 0.4 %.

Click the link to subscribe for free to our news and media group on Telegram:

Source: dpa

Comments are closed.