Economic contraction of 0.1% in the second quarter

Shoppers walking in the rain on Oxford Street, London.

Tolga Akmen/AFP/Getty Images

The UK economy contracted in the second quarter of 2022, as the cost of living crisis engulfed the country.

Official figures published Thursday showed that gross domestic product shrank 0.1% on a quarterly basis in the second three months of the year, less than the 0.3% contraction analysts had expected.

It follows a 0.8% GDP expansion in the first quarter of the year.

last week , Bank of England Warning that she expects The British economy is entering its longest recession since the global financial crisis in the fourth quarter. Meanwhile, inflation is expected to peak above 13% in October.

Monthly estimates showed GDP fell 0.6% in June, below the consensus forecast of 1.3%, but down from the revised 0.4% expansion in May.

“Growth in the UK is stagnating as the economy faces challenges from severe real income pressures amid rising inflation and higher interest rates,” said Hussain Mahdi, macroeconomic and investment analyst at HSBC Asset Management.

“Against this backdrop, it will be difficult to avoid a recession, especially as the risks of a rise in energy prices loom in winter.”

Despite the macroeconomic headwinds, HSBC supports UK big-cap stocks to continue to outperform this year in light of “commodity exposure, value and defensive names”.

The Office for National Statistics, which publishes growth figures, said the contraction was largely driven by a drop in service production, with the biggest drag coming from health and social work activities, reflecting a drop in Covid-19 activities.

He noted that there was a 0.2% decrease in household consumption in the second quarter, offset by a positive contribution from net trade.

This is a developing news story and will be updated soon.

Leave a Reply

Your email address will not be published. Required fields are marked *

indian nude girl mms verpornos.org desi gay videos
indian sxe hd redwap.sex porn vdo
xvidios pornpakistani.com desi free sex
hades hentai clipxhentai.com street fighter hentai
pamasahe watch teleseryehot.com pba rappler
xx justpornvideo.mobi lakshmi rai hot
marathi open sexy video tubeporncity.info tube 8 hindi
hentai love dolls hentaiparadize.org microne magazine 10
xnxx pakistan momporntrends.com xxxvom
deci xxx bigtitsporntrends.com indiyan x video
haryana sex.com mom2fuck.mobi www.sexy.com
anjelina hot erohardcore.info hindilink4uto
tales of the kama sutra: the perfumed garden fuckhindi.com kinkbomb
拘束男をひたすらヌキまくる逆レ●プ痴女 強制射精ザーメン10連発スペシャル 伊藤舞雪 javmovies.mobi 美雪ありす
hardcore sex videos download redpornvideos.net nangi hindi video