Today, Friday, the British Office for National Statistics reported that the UK’s GDP expanded by only 0.2% in the second quarter of 2022.
According to the agency, the prior estimate of a 0. 1% decline in GDP for this time period has been amended, indicating that the economy did not contract in the three months leading up to June as previously predicted.
As a result of this modification, the UK economy is not in a recession as the Bank of England had earlier this month anticipated.
However, this week’s government budget announcement caused a significant decline in the British economy. By the end of the year, interest rates are predicted to increase to 6%, increasing mortgage holders’ costs.
“The Independent” is the source.
During the second quarter of this year, the British economy expanded by 0.2%.
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