Fall in overall GDP in Q2 revised upward from 0.5% to 0.4% on back of a revision of construction output figures
The contraction in the UK economy over the second quarter was less than first feared, after the latest figures showed growth declined by 0.4%, rather than 0.5%, on the back of a further revision upwards of construction output.
The Office for National Statistics’ latest revision for the second quarter – the initial estimate of a decline of 0.7% in Q2 had already been revised down to 0.5% - still means the UK economy remains in recession, after declines of 0.3% and 0.4% in the two previous quarters.
The revision of overall growth figures followed a revision of the decline in construction output for Q2, from -3.9% to -3%. This followed an earlier revision of the initial estimate of -5.2% for the period.
At the time analysts predicted the revision would lead to a slight revision of the overall output data.