LONDON, May 12 — Britain’s economy shrank by 0.1 per cent in March but expanded by 0.8 per cent for the first quarter of 2022 as a whole, official figures showed on Thursday in what is likely to have been a high point for 2022 as the cost of living crisis increasingly bites.
Economists polled by Reuters had on average expected gross domestic product to be flat in March and to have grown 1.0 per cent over the first three months of this year, compared with the final quarter of 2021.Britain’s economy shrank by a historic 9.3 per cent in 2020 and grew by 7.4 per cent in 2021, the sharpest swing in output of any G7 economy during the Covid-19 pandemic.
Prime Minister Boris Johnson’s government is under political pressure to provide more support to households to tackle soaring bills for energy and other essentials which have already caused a near-record fall in consumer sentiment. On Wednesday, Britain’s National Institute of Economic and Social Research , a think-tank, forecast British GDP would fall in the third and fourth quarters of this year, meeting the technical definition of a recession.
Last month the International Monetary Fund predicted Britain would see the weakest growth and highest inflation of any major advanced economy next year. — Reuters
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stats Dept: Malaysia’s wholesale, retail trade sales up 9.8pc to RM123.8b in March 2022 | Malay MailKUALA LUMPUR, May 12 ― Malaysia’s wholesale and retail trade sales rose 9.8 per cent year-on-year (y-o-y) to RM123.8 billion in March 2022, the Department of Statistics Malaysia (DOSM) said. On a quarterly basis, the sales of wholesale and retail trade soared to a record high of RM361.0 billion...
Source: malaymail - 🏆 1. / 86 Read more »
Manufacturing, electricity, mining push Malaysia’s IPI to 5.1pc in March 2022 | Malay MailKUALA LUMPUR, May 10 — Malaysia’s Industrial Production Index (IPI) increased 5.1 per cent in March 2022 compared to the same month of the previous year, driven by growth in three indices, namely manufacturing, electricity and mining, the Department of Statistics Malaysia (DOSM) said. Chief...
Source: malaymail - 🏆 1. / 86 Read more »
Stats Dept: Natural rubber production decreased by 2.7pc in March 2022 | Malay MailKUALA LUMPUR, May 11 — Malaysia’s natural rubber production decreased marginally by 2.7 per cent to 28,030 tonnes in March 2022 compared with February’s 28,817 tonnes, said the Department of Statistics Malaysia (DoSM). In its March 2022 monthly rubber statistics publication released today,...
Source: malaymail - 🏆 1. / 86 Read more »
N. Ireland Protocol unsustainable, says UK PM | Malay MailLONDON, May 10 — Post-Brexit trading arrangements in Northern Ireland are unviable and need urgent reform to unblock the province’s power-sharing assembly, UK Prime Minister Boris Johnson said today. Pro-UK unionists have vowed not to nominate ministers to the Northern Ireland Assembly in...
Source: malaymail - 🏆 1. / 86 Read more »
Factbox-UK government sets out priorities in Queen's speechLONDON (Reuters) - British Prime Minister Boris Johnson hopes to reset his government on Tuesday with plans aimed at winning back traditional supporters in southern England who abandoned his party at recent local elections.
Source: staronline - 🏆 4. / 75 Read more »