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24/08/2012
UK Recession Less Deep Than Feared
The UK economy shrank by 0.5 per cent between April and June, according to official figures published today.
However, the updated figures, by the Office for National Statistics (ONS), still show the country is in recession.
Construction was the hardest hit sector, whose output declined by 3.9 per cent.
Manufacturing fell by 0.9% and the service sector by 0.1 per cent.
Trade shaved 1% off GDP, the biggest drag on growth since the second quarter of 1998.
Commenting on today's revised GDP figures, Ms Lee Hopley, Chief Economist at EEF, the manufacturers' organisation said: "Whilst the revised estimate suggests the economic situation, particularly for manufacturing and construction, wasn't quite as dire as first thought there are clearly some big question marks around where we go from here. Even if activity was displaced rather than lost, we're still looking at an overall contraction for the economy this year.
"We also have to ask where growth is coming from as the boost from trade and investment we need to rebalance the economy is struggling to get going, even if manufacturers bucked the trend by increased capital spending. Clearly the global economic slowdown is casting a long shadow over UK activity, but a sharper focus from government in the areas it can influence, is becoming more urgent."
(CD)
However, the updated figures, by the Office for National Statistics (ONS), still show the country is in recession.
Construction was the hardest hit sector, whose output declined by 3.9 per cent.
Manufacturing fell by 0.9% and the service sector by 0.1 per cent.
Trade shaved 1% off GDP, the biggest drag on growth since the second quarter of 1998.
Commenting on today's revised GDP figures, Ms Lee Hopley, Chief Economist at EEF, the manufacturers' organisation said: "Whilst the revised estimate suggests the economic situation, particularly for manufacturing and construction, wasn't quite as dire as first thought there are clearly some big question marks around where we go from here. Even if activity was displaced rather than lost, we're still looking at an overall contraction for the economy this year.
"We also have to ask where growth is coming from as the boost from trade and investment we need to rebalance the economy is struggling to get going, even if manufacturers bucked the trend by increased capital spending. Clearly the global economic slowdown is casting a long shadow over UK activity, but a sharper focus from government in the areas it can influence, is becoming more urgent."
(CD)
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