حفلة 2024

UK economy grows less than expected in July

British economy grew less than expected in July, rising by 0.2 percent from June, according to Office for National Statistics (ONS) data released on Monday.

It coincides the sharp climb in energy tariffs hurting demand for electricity and a leap in the cost of materials hitting the construction sector.

The data showed that the British economy contracted in the second quarter by 0.1 percent, after an increase of 0.8 percent in the first quarter.

The grow means that UK may enter a technical recession for the first time since lockdown restrictions ended,” Jake Finney economist at PwC, said.

As for the month of June, the British economy shrunk by 0.6 percent, which considers the largest contraction since January 2021, but it is still less severe than the contraction that had expected in a Reuters poll of 1.3 percent.

 

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