Economy
World / Countries / MNCs UK: Recession risk rises as economy shrinks in August
Just Earth News | @justearthnews | 12 Oct 2022, 03:41 am Print
UK Recession Image: Pixabay
London: Recession fear looms large over the UK as the country's economy shrank in August, media reports said.
The surprise 0.3% drop came as factories and consumer-facing businesses struggled, according to official figures, reports BBC.
Analysts thought the economy would stall in August but not shrink as costs mount for businesses and households.
According to reports, prices of goods are rising at their fastest rate for 40 years.
The Bank of England has previously said that it expects the UK to fall into a recession by the end of the year, reports BBC.
More Economy
- Big WhatsApp update! Browser-based audio, video calling rolls out without desktop app
- Dark web of deception: IOM warns human trafficking is fueling online scam empires
- Apple launches device leasing program in US through Klarna. What do we know so far?
- Coca-Cola dairy unit restarts operations after ransomware attack shakes production
- 'Money won't matter': Elon Musk makes stunning 2036 prediction about future
-1784726564.jpg "Image of the day: July 22, 2026")
