The UK economy logged only a marginal contraction in the second quarter despite the challenges posed by the rising interest rates and high inflation that is squeezing real income.
Gross domestic product shrank 0.1 percent from the first quarter, when output had advanced 0.8 percent, the Office for National Statistics said Friday. Nonetheless, the pace of contraction was slower than the 0.2 percent drop expected by economists.
The Bank of England had projected the economy to enter recession later this year and to contract throughout next year. The bank estimated a quarterly fall of 0.4 percent in the third quarter of 2022.
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by Renju Jaya
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