13.06.2022, 12:34
British Economy Slept 0.3% on Rising Energy Prices
Source: OREANDA-NEWS
OREANDA-NEWS Britain's GDP unexpectedly contracted by 0.3 percent in April, contrary to positive forecasts by experts amid rising fuel prices, according to the United Kingdom's Office for National Statistics website, says Gazeta.ru.
The fall of the British economy in April by 0.3% was worse than analysts' expectations, who stated a growth of 0.1%. Meanwhile, GDP fell 0.1% in March and was at zero in February. Although, according to the department, all sectors of the economy contributed to GDP growth in April.
According to Darren Morgan, head of the department's economic statistics division, manufacturing was the hardest hit sector in the country. Most companies said rising fuel and energy prices had the worst effect.
On June 8, the Organization for Economic Cooperation and Development named Great Britain as the worst-hit country as a result of Russia's special operation in Ukraine. According to the forecast of the association, this year Britain's GDP growth will be 3.6%. But in 2023, growth will be at zero.
The fall of the British economy in April by 0.3% was worse than analysts' expectations, who stated a growth of 0.1%. Meanwhile, GDP fell 0.1% in March and was at zero in February. Although, according to the department, all sectors of the economy contributed to GDP growth in April.
According to Darren Morgan, head of the department's economic statistics division, manufacturing was the hardest hit sector in the country. Most companies said rising fuel and energy prices had the worst effect.
On June 8, the Organization for Economic Cooperation and Development named Great Britain as the worst-hit country as a result of Russia's special operation in Ukraine. According to the forecast of the association, this year Britain's GDP growth will be 3.6%. But in 2023, growth will be at zero.
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