UK economy unexpectedly shrinks in March as recession risks loom

“Our recovery is being disrupted by (Russian president Vladimir) Putin’s invasion of Ukraine and other global challenges, but we are continuing to help people where we can,” finance minister Rishi Sunak said following yesterday’s data.

LONDON: Britain’s economy unexpectedly shrank 0.1% in March after a slump in car sales due to supply-chain problems, marking a weak end to the first quarter of a year when the risk of recession is looming.

Gross domestic product (GDP) grew by 0.8% in the first three months of 2022, the Office for National Statistic said – below the 0.9% forecast by the Bank of England (BoE) and the 1% expected on average by economists polled by Reuters.