The British economy contracted in the second quarter of 2022, as the cost of living crisis intensified in the country, as official figures released Thursday, August 12, showed that gross domestic product contracted by 0.1% on a quarterly basis, less than analysts’ expectations of a 0.3% contraction, This follows GDP growth of 0.8% in the first quarter of the year.
The Bank of England warned last week that it expected the British economy to enter its longest recession since the global financial crisis in the fourth quarter, with inflation expected to peak and exceed 13% in October.
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