UK Economy Shrinks 0.1% in April Amidst Rising Energy Prices

London. The UK economy has shrunk in April. Official data shows that the UK economy contracted by 0.1 percent in April as the impact of rising energy prices due to the war with Iran began to be seen.

According to the Office for National Statistics (ONS), Gross Domestic Product (GDP), which grew by 0.3 percent in March, fell into negative territory in April. Economists had predicted that economic activity would weaken in April. This decline is said to be linked to rising global energy prices after Iran closed the Strait of Hormuz, a very important sea route for world trade, and its impact on the British economy.