UK gross domestic product, weighed down by inflation, declined in April for the second month in a row, falling 0.3% after it had done so by 0.1% the previous month, according to data from the Office for National Statistics (ONS). ) This Monday.
The agency noted that the manufacturing sector was affected, with “some companies claiming to be affected by higher fuel and energy prices,” ONS’ Darren Morgan said on Twitter.
The setback in April was also marked by a decline in expenditures related to the coronavirus, which means “a sharp decline (in activity) in the health sector,” according to the Office for National Statistics. GDP, however, is 0.9% above pre-pandemic levels.
Economists warn that inflation will affect consumer demand and thus British activity in the coming months. The Bank of England expects a contraction in the British economy next year, which is likely to be the end of the G7 economy.
UK inflation rose to 9% in April from a year earlier, a record high in four decades, largely due to energy.
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