AA / Istanbul
Official data showed on Wednesday that Britain’s gross domestic product (GDP) contracted 0.3% on a monthly basis, hurt by weakness in the industrial sector and maintenance work which caused a drop in the activity in the oil and gas sector.
Britain’s Office for National Statistics said in a statement that it had revised the Kingdom’s GDP growth to 0.1% the previous July, from 0.2% in the previous reading.
Gross domestic product growth slowed to 2% year-on-year in August from 4.4% the previous month.
The economy is affected by the energy crisis facing the UK due to the repercussions of the Russian-Ukrainian war.
Data showed that UK industrial production contracted 1.8% on a monthly basis in August, which was worse than market expectations, which pointed to a contraction of 0.2%.
The Industrial Production Index measures the change in the inflation-adjusted value of all goods and services produced by the UK economy.
The rate of consumer price inflation in the UK slowed to 9.9% on an annual basis last August, from 10.1%, but it remains close to its highest level in more than four decades.
The degree of pessimism has intensified towards the British economy towards recession, and the Bank of England expected the recession to start in the last quarter of this year and to continue until the beginning of 2024 .
*Translated from Arabic by Wejden Jlassi
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