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