25 July 2012 10:09 [Source: ICIS news]
LONDON (ICIS)--The UK economy remains in recession with the decline in the second quarter a much greater-than-expected 0.7%, official statistics showed on Wednesday.
UK GDP decreased by 0.7% in the second quarter of 2012 compared with the first, with a sharp decline in construction, the Office for National Statistics (ONS) said.
A second quarter decrease in output of 0.2% had been widely exepcted.
Construction sector output was down 5.2% following a 4.9% fall in output between the first quarter of 2012 and the fourth quarter of 2011, the ONS said.
The output of the production industries was down 1.3% in the second quarter, with service industries output down 0.2%.
The ONS data showed that construction output decreased at a greater rate of 0.7% in June compared with May. UK production was down 3.5% in June and services contracted by 2.2%.
The statistics office is determining whether possible contributory factors to the steep decline in output in June were an additional national holiday and poor weather.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections