Share

British economy shrinks by 0.5%

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+.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.24
-0.4%
Rand - Pound
23.93
-0.4%
Rand - Euro
20.49
-0.5%
Rand - Aus dollar
12.35
-0.4%
Rand - Yen
0.12
-0.6%
Platinum
948.70
-0.2%
Palladium
1,023.00
-0.6%
Gold
2,381.60
+0.1%
Silver
28.27
+0.1%
Brent Crude
87.11
-0.2%
Top 40
66,691
-0.7%
All Share
72,733
-0.7%
Resource 10
63,070
-0.4%
Industrial 25
97,548
-0.9%
Financial 15
15,358
-0.8%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders