GDP hit by higher energy prices caused by Middle East conflict, after 3% rise in March
The UK economy contracted by 0.1% in April as the Iran war began to take its toll on growth, official figures show.
As energy prices have risen as a result of the conflict, after Iran closed off the strait of Hormuz – a key shipping route for global trade – the UK’s strong expansion in the first quarter had been expected to slide into reverse.
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This article was originally published by The Guardian and written by Heather Stewart Economics editor.
Read original article on The Guardian