UK still in recession
The UK economy shrank by less than previously thought in the second quarter of 2012, revised data from the Office for National Statistics (ONS) have shown.
The final figure from the ONS shows the economy contracted by 0.4% during the quarter compared with the previous quarter, less than the 0.5% that the ONS announced in August. Output in the construction sector, which fell less than previously estimated, made the largest contribution to the revision.
Nevertheless, the UK is still in a double-dip recession, having posted three successive quarters of negative growth.
Output of the production industries (manufacturing, mining and utilities) fell by 0.8% in the second quarter on the previous quarter — up from the previous estimate of 0.9%. Manufacturing output fell by 0.8% — an upwards revision from the 0.9% decline previously reported.
As previously reported, output of the services industries fell by 0.1%.
Output of the construction industry fell by 3.0%, against the previous estimate of 3.9% and the first estimate of a 5.2% fall.