UK second-quarter GDP revised upwards, economy still in recession

24 August 2012 10:34  [Source: ICIS news]

LONDON (ICIS)--Official statistics on Friday showed the UK economy in the second quarter had contracted by less than previously announced.

The Office for National Statistics (ONS) said GDP decreased by 0.5% in the second quarter of 2012, revised from a previously estimated 0.7% decline reported in July.

The ONS said the UK economy had contracted following a sharp decline in construction.

By: Franco Capaldo
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