The UK economy contracted in June as the Bank of England warned the country could slip into recession later this year.
According to the Office for National Statistics (ONS), Gross Domestic Product (GDP) fell 0.6% in May, down from 0.4% growth.
The economy shrank by 0.1% in the second quarter from April to June, according to the ONS.
Services fell 0.5% in June, manufacturing fell 1.6% and construction fell 1.4%.
That was after the Bank of England issued a warning about the state of the economy as the cost of living crisis continues to take its toll on finances.
The Bank of England is now forecasting that the UK economy will enter recession over the last three months of this year through 2023.
If GDP falls for his second quarter in a row - six months in total - the economy is believed to be in recession.
Governor Andrew Bailey said GDP will likely drop to 1.25% in 2023 and 0.25% in 2024.
This would be the first time since the 1960s that the annual economy has shrunk in his two years.
What is GDP and how does it affect me?
GDP is a measure of the size and health of an economy.
ONS releases new UK GDP figures every month, quarter and every three months.
When an economy is growing, it generally means that more jobs are being created, and there is usually some wage growth as well. A drop in employment means jobs are being lost and wages are falling.
Stay up-to-date with the latest news, photos and videos from this breaking news bulletin.
Check back regularly for updates on this developing story here .
Newsletter Sign up for to receive
updates directly to your email about the day's biggest stories.
Follow The Mirror every time you see our name for all the important news headlines, photos, analysis, opinions and videos.
Follow Mirror on Google News - Click Here Click Stars
Follow Mirror on Apple News - Click here Available on Apple devices
Follow Mirror on Flipboard - Click here and Follow
for all social accounts you can follow here See at: mirror.co.UK/Society
