UK recession risks linger despite brighter growth data | The Guardian Nigeria News - Nigeria and World News ⚠️
In this file photo taken on May 12, 2022 The price of fruit and vegetables in pounds sterling is displayed on a trader’s market stall in London.
“The economy performed a little more strongly… than previously estimated, with later data showing telecommunications, construction and manufacturing all faring better than initially thought,” noted ONS director of economic statistics, Darren Morgan. Oil and gas prices soared last year as supplies tightened following the invasion of Ukraine by key energy producer Russia.
“But we still think that about two-thirds of the drag of higher interest rates has yet to be felt and that the economy will slip into a recession involving a peak to trough fall of about 1.0 percent this year.”
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