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UK economy shrinks between April and June

Added 08-12-22 03:04:02am EST - “The economy shrank by 0.1% while the Queen's Platinum Jubilee bank holiday weighed on June growth.” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “UK economy shrinks between April and June”. Below is an excerpt from the article.

The economy contracted by 0.1% in the second quarter of the year, the Office for National Statistics (ONS) said.

That compares to the first three months of this year when gross domestic product (GDP) - which measures economic activity - grew.

The Bank of England has forecast the UK will fall into recession towards the end of this year and the downturn will last for the entirety of next year.

As well as releasing figures for the second quarter, the ONS also announced that the economy shrank by 0.6% in June due to the extra bank holiday to celebrate the Queen's Platinum Jubilee.

However, that figure was much better than the 1.3% fall predicted by economists. The ONS said that while the bank holiday impacted on monthly GDP, it had "little impact" on the quarterly figure.

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