• FULL mini budget speech

    Read the full mini budget speech delivered by Finance Minister Pravin Gordhan.

  • #FeesMustFall reporting

    What are the real issues and whose voices are being suppressed by social media, asks Solly Moeng.

  • Matchmaker businesses

    Multisided platforms can create huge value for society and fortunes for entrepreneurs, says Ian Mann.

All data is delayed
See More

British economy shrinks by 0.5%

Aug 24 2012 12:07

London - Britain's economic output fell by 0.5% in the second quarter, which was better than previously thought but still left the country mired in recession, official data showed on Friday.

"UK gross domestic product (GDP) in volume terms decreased by 0.5% in the second quarter of 2012, revised from the previously estimated 0.7% decline," the Office for National Statistics (ONS) said in a statement.

Smaller-than-expected falls in the production and construction sectors were behind the revision.

The GDP figure tallied with analysts' consensus forecast for a contraction of 0.5% between April and June.

Britain was already in recession after posting two successive negative quarters since late 2011.

The economy shrank 0.4% in the fourth quarter of last year and by 0.3% in the first quarter of 2012. Both these readings were left unchanged.

The ONS added on Friday that economic output dropped 0.5% in the second quarter compared with the same period one year earlier. That also marked an improvement from the prior estimate for a contraction of 0.8%.

*Follow Fin24 on Twitter, Facebook and Google+.

united kingdom  |  economy


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote