UK economy shrinks unexpectedly

Gross domestic product (GDP) fell 0.3% from March when output declined 0.1%. That may persuade the Bank of England (BoE) to move cautiously in fighting inflation. It’s expected to deliver a quarter-point rate rise on Thursday.

LONDON: The United Kingdom 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 (GDP) fell 0.3% from March when output declined 0.1%, the Office for National Statistics (ONS) said. A gain of 0.1% was predicted by economists.