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UK economic growth revised down
Britain’s economic growth in the second quarter of this year has been unexpectedly revised down to 0.1 per cent casting further doubt on the strength of its stuttering economic recovery.
The Office for National Statistics said that a major recalculation of its historical data also showed that Britain’s 2008/09 recession was shorter but deeper than first thought.
It said the economy contracted by 7.1 per cent compared to earlier estimates of a 6.4 per cent decline.
The downward revision in overall economic growth appeared to have been partly driven by weaker than previously estimated output in the business services and transport and communications sectors. The contraction in industrial output was smaller than first thought.