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.<\/p>\n\n\n\n
The UK economy shrank by 0.3 percent as businesses and families struggled to keep up with rising living costs.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
GDP is a measure of the economy’s size and health.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The NHS test and trace service was phased out, resulting in a 0.3 percent decrease in services.<\/p>\n\n\n\n
As a result of price increases and supply chain issues, production fell by 0.6 percent and construction fell by 0.4 percent.<\/p>\n\n\n\n
“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.<\/p>\n\n\n\n
Rachel Reeves MP, the Shadow Chancellor of the Exchequer, described the figures as “extremely worrying” for struggling households.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Office for National Statistics (ONS) reported that gross domestic product (GDP) fell by 0.3<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[591],"tags":[1346],"class_list":["post-18647","post","type-post","status-publish","format-standard","hentry","category-news","tag-uk-economy"],"yoast_head":"\n