- UK’s GDP has contracted by 0.1% in the second quarter of 2022, as per official figures.
- This shrinkage comes after the country’s GDP grew by 0.8% in the first quarter.
- UK inflation levels are expected to hit record high levels in October, potentially surpassing the 13% mark.
With the aggravating inflationary situation and the escalating cost-of-living crisis, the UK’s economic growth has shrunk in the second quarter of the year. According to the official figures released on Friday, the UK’s gross domestic product (GDP) has shown a contraction of 0.1% quarter on quarter in the second quarter of 2022. However, this contraction is less than the contraction of 0.3% anticipated by the economists.