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MNI BRIEF: UK GDP Contracts in Q2, But Beats Forecasts

(MNI) London
(MNI) London

UK economy dips into negative territory in Q2, but outcome less severe than some feared.

True

The UK economy slipped into contraction in the three months to June, declining 0.1% on the quarter, albeit slightly better than expected by the financial markets, where consensus estimates were for a decline of 0.2%.

On the month, June saw the economy decline 0.6%, a reversal of the 0.5% growth seen in May. The two month reading for May and June was largely a wash, with the bank holiday adjustments in each month cancelling themselves out.

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The UK economy slipped into contraction in the three months to June, declining 0.1% on the quarter, albeit slightly better than expected by the financial markets, where consensus estimates were for a decline of 0.2%.

On the month, June saw the economy decline 0.6%, a reversal of the 0.5% growth seen in May. The two month reading for May and June was largely a wash, with the bank holiday adjustments in each month cancelling themselves out.

Keep reading...Show less