According to official data, the UK economy expanded by 0.2% in July, following a sharp drop in the previous month. The Office for National Statistics stated the services sector was the most significant contributor to growth, helped by the UK hosting the Women’s Euro Championship. The article is about UK Economy Grew Slower Than Expected.
However, while the economy expanded in July, the growth was slower than the 0.3% expansion analysts’ expected. Gross Domestic Product (GDP) fell in June due to the extra bank holiday for the Queen’s Jubilee. GDP – which measures all the goods and services produced by the UK – fell by 0.6% in June because of two fewer working days.
Analysts have said the bank holiday for Queen Elizabeth’s state funeral on 19 September and the ten days of national mourning could impact economic growth and push the UK into recession sooner than expected. In August 2022, the Bank of England said it expected the UK to fall into recession at the end of this year.
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