UK economy contracted 0.3% in April – POLITICO
UK output fell 0.3% in April from March, according to data released by the Office for National Statistics on Monday.
The reading is well below the 0.1% increase seen by a Reuters forecast and follows a 0.1% decline in March.
It is also the first time that all major sectors of the economy have held back growth since January 2021. The services sector fell 0.3%, reflecting a sharp 5.6% decline in human health activities and of social action – which have been hard hit by a reduction. in test and trace activities through the National Health Service.
The construction sector fell 0.4% while the manufacturing sector fell 0.6% as businesses suffered from soaring fuel and energy prices.
Monthly gross domestic product is now just 0.9% above its pre-pandemic level in February 2020. Overall, GDP rose 0.2% in the three months to April, the ONS reported.