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UK economy shrinks less than thought

UK economy shrinks less than thought

Category: Economy

Updated: 14/12/2012
First Published: 24/08/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The UK's economy shrank less during the second quarter of this year, according to revised figures from the Office for National Statistics (ONS).

Gross Domestic Product (GDP) shrank by 0.5%, rather than the 0.7% announced last month, with the ONS reporting a decline in output within the manufacturing and production industries.

It is believed the Queen's Diamond Jubilee bank holiday weekend and awful weather also impacted on the UK's economy during the initial part of 2012.

Whilst the new figures are an improvement, they still reflect the woeful fact that the UK remains in a deep recession and that any signs of a recovery are a long way off.

Vicki Redwood at Capital Economics, said: "The revision is very small in the big picture and means that output is still more than 4% below its pre-recession peak."

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