UK economy shrank by 0.1% in April as Iran war held back growth
Key takeaways
- The data will underline fears that the UK economy will contract in the second quarter of the year.
- Prefer the Guardian on Google The UK economy contracted by 0.1% in April as the Iran war began to take its toll on growth, official figures show.
- As energy prices have risen as a result of the conflict, after Iran closed off the strait of Hormuz – a vital shipping route for global trade – the UK’s strong expansion in the first quarter slid into reverse.
Why this matters: a developing story that could shape the day's news cycle.
The data will underline fears that the UK economy will contract in the second quarter of the year. Photograph: Bloomberg/Getty View image in fullscreen. The data will underline fears that the UK economy will contract in the second quarter of the year. Photograph: Bloomberg/Getty Economic growth (GDP)UK economy shrank by 0.1% in April as Iran war held back growth GDP hit by higher energy prices caused by Middle East conflict, after 3% rise in March
Prefer the Guardian on Google The UK economy contracted by 0.1% in April as the Iran war began to take its toll on growth, official figures show.
As energy prices have risen as a result of the conflict, after Iran closed off the strait of Hormuz – a vital shipping route for global trade – the UK’s strong expansion in the first quarter slid into reverse.