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Contraction of UK economy revised

Oct 17, 2009   //   by paulgreen   //   Finance  //  No Comments

statisticsThe Office for National Statistics (ONS) has revised the figure for the rate of contraction in the UK economy in the second quarter of the year downwards.

The ONS originally reported that Gross domestic product (GDP) declined 0.8% in the second quarter of the year, but this has been reduced to 0.6%.

“There is some good news in the mass of UK data released today, but generally the figures highlight the fragility of the economic recovery,” said Vicky Redwood, an economist at Capital Economics.

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