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UK economy shrinks at slower pace UK economy continues to contract
(9 minutes later)
The UK economy contracted for a fifth successive quarter but at a slower pace than previously. The UK economy contracted 0.8% between April and June, more than double the figure economists had expected.
The Office for National Statistics said the economy shrank by 0.8% between April and June, from a 2.4% contraction in the first quarter of the year. The contraction was much less than the 2.4% seen in the first quarter but was still above analysts' 0.3% prediction.
The latest figure was worse than analysts expectations of a 0.3% decline in economic output. The latest figures take the annual rate of decline to 5.6%, the biggest fall since records began in 1955.
The latest figures take the annual rate of decline to 5.6%, with any recovery not coming until later in the year. While an improvement on the previous quarter, the figures may indicate that the recovery could take longer than previously had been expected.
"We are clearly out of the abyss but still have a difficult time ahead," said Brian Hilliard, economist at Societe Generale.