British recession shallower than thought, data shows
Published on Sep 27, 2012 6:03 PM
LONDON (AFP) - Britain's recession-hit economy shrank by less than thought in the second quarter compared with output in the first three months of the year, official data showed on Thursday.
"United Kingdom (UK) gross domestic product (GDP) in volume terms decreased by 0.4 per cent between the first and second quarter of 2012, revised from a previously estimated decline of 0.5 per cent," the Office for National Statistics (ONS) said.
The slightly improved revision matched analysts' consensus forecast. GDP shrank by 0.5 per cent in the April-June period compared with the second quarter in 2011, the ONS added in a statement.
Many analysts expect Britain to have emerged from recession in the third quarter, or three months to Sept 30. Markets will have to wait until next month for confirmation.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!