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UK economy shrank less than thought UK economy shrank less than thought
(35 minutes later)
The UK economy contracted by less than thought in the second quarter, official figures have shown.The UK economy contracted by less than thought in the second quarter, official figures have shown.
The economy shrank by 0.4% in the April-to-June period, the Office for National Statistics (ONS) said in its third estimate of gross domestic product (GDP).The economy shrank by 0.4% in the April-to-June period, the Office for National Statistics (ONS) said in its third estimate of gross domestic product (GDP).
The ONS had initially estimated a contraction of 0.7%, before revising that to 0.5% last month.The ONS had initially estimated a contraction of 0.7%, before revising that to 0.5% last month.
Analysts had been expecting no change to the second estimate.Analysts had been expecting no change to the second estimate.
A 3% slump in contraction output in the second quarter of 2012 remained the main drag on the economy, although this was better than the previously estimated 3.9% fall in the sector. The first figures for any quarter are known as the "flash estimate" as they are based on incomplete data. The figures are revised at least twice as more information is collected
A 3% slump in contraction output in the second quarter of 2012 remained the main drag on the economy, although this was better than the first estimate of a 5.2% fall and the second estimate of a 3.9% fall in the sector.
Production output, which includes manufacturing fell by 0.8%, while there was a 0.1% fall in services.
The UK economy has contracted for three quarters in a row.The UK economy has contracted for three quarters in a row.
But Credit Suisse economist Neville Hill said that recent data and surveys pointed to a return to growth in the third quarter.
"It's still not as bad as it actually looks," he told the BBC. "You've got to take these numbers with a pinch of salt."
The effects of the Diamond Jubilee bank holiday and the wet weather in June would have "understated" how the economy actually performed in the second quarter, he said.
The third quarter, on the other hand, would see a rebound from those factors and receive an additional boost from the London Olympics, probably "overstating" the economy's performance.