Did the UK economy shrink in the second quarter?
The UK economy is expected to contract marginally in the second quarter as it heads for a recession of a scale not seen since the 1990s later this year.
Economists polled by Reuters forecast a report on Friday to show output contracted 0.2 per cent between the first and the second quarter. Gross domestic product is forecast to have shrunk by 1.3 per cent between May and June, affected by the Jubilee extra bank holiday and partially reversing May’s expansion.
This follows growth of 0.8 per cent in the first quarter with the slowdown reflecting the impact of the hit to households’ finances from surging energy prices.
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