ANKARA Aug 12 (Bernama) -- The British economy shrank 0.1 per cent in the second quarter of 2022, marking the first contraction since the COVID-19 pandemic, preliminary data by the national statistical office showed on Friday, reported Anadolu.
The figure came in better than the market forecast of 0.2 per cent fall.
Services fell 0.4 per cent, with the largest negative contribution from human health and social work activities, reflecting a reduction in coronavirus activities, according to the Office for National Statistics (ONS).
There were positive contributions from consumer-based services including travel agencies and tour operators as COVID-19 restrictions eased on the tourism industry, accommodation and food service activities, and arts, entertainment and recreation activities.
On the consumption side, household spending went down 0.2 per cent, offsetting a positive contribution from net trade.
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