UK economy shrinks unexpectedly

The UK economy shrank in April at the sharpest pace in more than a year as the government wound down Covid testing, highlighting risks that a broader contraction is under way. Gross domestic product fell 0.3% from March when output declined 0.1%, the Office for National Statistics said Monday. A gain of 0.1% was predicted by economists.

An extra bank holiday for the Queen’s Diamond Jubilee means Britain may dodge a technical recession — two consecutive quarter of falling output — but it could come close. April marks the third month in which GDP hasn’t grown, a clear sign that the economy is weakening rapidly in the face of inflationary pressures. Separate figures showed the UK trade deficit excluding previous metals narrowed marginally in April to £20.6 billion as exports rose 7.4%, significantly outpacing a 0.

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