Slump continues as GDP contracts again
25th July 2012
GOVERNMENT data released this morning has confirmed that the UK economy contracted for a third quarter in a row and remains in recession.
GDP contracted by 0.7% in the second quarter of the year. The contraction was significantly worse than the consensus among analysts which had predicted a 0.2% fall.
Construction sector output shrank by 5.2% in the second quarter, compared to production industries which fell by 1.3% and services by 0.1%.
However, the Office for National Statistics warned the extra bank holida......for the full story register now for free or login below...
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