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UK economy shrank in second quarter

The UK economy shrank from April to June as experts forecast a gloomy outlook with recession on the horizon.
 
According to the Office for National Statistics, the economy contracted by 0.1% in the second quarter of the year. 
 
This was partly due to COVID-19 schemes like Test and Trace ending, retail sales falling and the Queen's Platinum Jubilee bank holiday in June.
 
Despite shrinking in April to June, the UK economy avoided recession because gross domestic product (GDP) grew by 0.8% in the first three months of this year.


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