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UK economy slows for first time since COVID-19 lockdowns

David Goodman

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London | The UK economy shrank in the second quarter for the first time since the pandemic, driven by a decline in spending by households and on fighting the coronavirus.

GDP fell 0.1 per cent after an 0.8 per cent gain in the first quarter, the Office for National Statistics said on Friday. A decline in COVID-19 testing and vaccinations as well as slower retail sales and the first drop in household consumption in more than a year were the biggest drivers. Manufacturing also fell.

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    Original URL: https://www.afr.com/policy/economy/uk-economy-contracts-as-households-cut-spending-20220812-p5b9gz