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

(MNI) London

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.

According to the ONS, there were positive contributions from consumer-facing services, including accommodation and food service activities , and arts, entertainment and recreation activities. There was a 0.2% decrease in real household consumption.

Source: ONS

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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