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UK economy contracts 0.6% in June and 0.1% in Q2

Published by Uma Rajagopal

Posted on August 12, 2022

1 min read

· Last updated: February 4, 2026

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Financial district of Canary Wharf, London, reflecting UK's economic contraction - Global Banking & Finance Review
A view of Canary Wharf, London's financial hub, illustrating the impact of the UK's 0.6% economic contraction in June 2022 as reported by ONS. Key insights into the financial landscape during a critical economic period.
GDP UK economy economic growth financial markets economic crisis
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LONDON (Reuters) – Britain’s economy contracted by 0.6% in monthly terms during June, and by 0.1% between April and June, official data showed on Friday. A Reuters poll had pointed to a 1.3% contraction in June. The ONS said services fell by 0.5% in June 2022, which was the main driver of the fall in […]

LONDON (Reuters) – Britain’s economy contracted by 0.6% in monthly terms during June, and by 0.1% between April and June, official data showed on Friday.

A Reuters poll had pointed to a 1.3% contraction in June.

The ONS said services fell by 0.5% in June 2022, which was the main driver of the fall in GDP. June’s slide in economic output had been expected because of an extra bank holiday for Queen Elizabeth’s platinum jubilee celebrations.

(Reporting by Andy Bruce, William James and Kate Holton)

Frequently Asked Questions

What is economic contraction?
Economic contraction refers to a decline in national output as measured by GDP, indicating that the economy is shrinking, which can lead to increased unemployment and reduced consumer spending.
What are bank holidays?
Bank holidays are public holidays during which banks and many businesses are closed. They can affect economic activity, as seen during events like the Queen's platinum jubilee.

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