UK GDP decreases 0.7% in second quarter

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.

By: Nigel Davis
+44 20 8652 3214

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