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The British economy has surprisingly contracted

Experts are surprised: the energy crisis and the high cost of living are already hitting the British economy, causing it to contract.

The British

Contrary to economists’ expectations, the economy contracted slightly in August. Depressed by high energy prices and the cost of living, the country’s gross domestic product fell 0.3 percent, the statistics office announced Wednesday. In August, in particular, industrial production and services suffered. In July, the UK economy grew slightly by 0.1%.

Consumer-oriented services fell by 1.8 percent, including in particular the sports, leisure and leisure sectors. This shows how much and what British households currently have to save on. Inflation in the kingdom hit a high 9.9 percent in August.

Experts believe the fall in August is the start of a trend that is likely to continue into the next year as well. The International Monetary Fund (IMF) predicted growth of just 0.3% for Britain in 2023 on Tuesday.

Experts are surprised: the energy crisis and the high cost of living are already hitting the British economy, causing it to contract.

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