UK economy experiences shock contraction in April

The figure came in below expectations amid fears of an impending recession, according to data released on Monday (13 June) by the Office for National Statistics. April was the first month that all main sectors (manufacturing, construction and services) have contributed negatively to GDP since January 2021. The drop in GDP was mainly triggered by the decline of the NHS Test and Trace program, which fell by 70% in April as tests stopped being free of charge, causing GDP to drop by 0.4%. April's decline, along with weak GDP recovery in preceding months, means that the UK economy is no...