The UK economy shrank by 0.3 percent, prompting the CBI to warn that the country could enter a recession.

The Office for National Statistics (ONS) reported that gross domestic product (GDP) fell by 0.3 percent in April 2022, following a 0.1 percent drop in March 2022.

The UK economy shrank by 0.3 percent as businesses and families struggled to keep up with rising living costs.

The Office for National Statistics (ONS) reported that GDP fell by 0.3 percent in April 2022, following a 0.1 percent drop in March 2022.

Because of the April contraction, the UK economy is now only 0.9 percent larger than it was before the first Covid-19 lockdown in spring 2020.

GDP is a measure of the economy’s size and health.

According to report, services, production, and construction all fell last month, marking the first time that all major sectors contributed to a monthly GDP decline since January 2021.

The NHS test and trace service was phased out, resulting in a 0.3 percent decrease in services.

As a result of price increases and supply chain issues, production fell by 0.6 percent and construction fell by 0.4 percent.

“A big drop in the health sector due to the winding down of the test and trace scheme pushed the UK economy into negative territory in April,” said Darren Morgan.

Rachel Reeves MP, the Shadow Chancellor of the Exchequer, described the figures as “extremely worrying” for struggling households.