Latest Public Sector News

27.09.12

ONS revises economy contraction to 0.4%

The UK economy shrank by less than originally thought, as the ONS revises the figure for the second quarter down again.

Initially, the estimate for GDP from April to June this year saw the economy shrink by 0.7%. This was then revised down to 0.5% and is now at 0.4%.

Analysts had not been expecting a change from the second estimate.

The contraction was largely due to a 3% fall in construction output, although this has been revised down from 3.9% at the second estimate and the original estimate of 5.2%. Production output, which includes manufacturing fell by 0.8%, while there was a 0.1% fall in services.

The UK economy has contracted for three quarters in a row.

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