Second quarter GDP revised up to minus 0.5%
Second quarter GDP growth has been revised upwards, but the economy still shrank, new figures show.
Initial estimates had shown the UK economy to have shrunk by 0.7 per cent between April and June, but this has been revised to a 0.5 per cent decline by the Office for National Statistics.
The biggest contributors to the decline were the production and manufacturing industries, which both contracted by 0.9 per cent.
The special bank holiday introduced for the Queen’s Diamond Jubilee along with bad weather “added additional uncertainty” to the initial estimate for June 2012, the ONS said. It added that further work would be carried out to assess the full impact of the changes to holidays on economic output.