UK Labour Productivity, House Price Slump
Britain’s output per hour worked declined 1.4% quarter on quarter in the first quarter, compared with a 0.4% increase in the previous quarter, the Office for National Statistics said Friday.
The United Kingdom economy has faced challenges from market disruption, inflation pressure has impacted spending patterns generally. However, its foreign reserves jump while the government put up effort to keep the wheel oiled.
The latest reading confirmed the initial estimate. On a yearly basis, output per hour worked fell 0.6%, marking the weakest annual growth since the first quarter of 2013, excluding the COVID-19 pandemic.
Britain’s average house price declined 0.1% month on month in June following a revised 0.2% fall in May, Halifax data showed Friday.
The latest figure marks the third consecutive monthly drop in the index. On a yearly basis, the house price index tumbled 2.6% in June after decreasing 1.1% in May.
