British GDP revised for 2nd quarter

Aug. 24, 2012 at 10:49 AM
share with facebook
share with twitter

LONDON, Aug. 24 (UPI) -- Britain's Office of National Statistics said Friday the country's second quarter gross domestic product was not quite as bad as previously thought.

The GDP fell 0.5 percent April through June compared to the first quarter, a contraction less steep than the 0.7 percent drop previously announced.

ONS said the decline in construction, which showed the most pronounced contraction of the three main economic sectors in both the first and second quarters, was less than previously thought. The new figure says construction subtracted 0.3 percentage points from the overall GDP.

Despite an economic contraction that has continued for three consecutive quarters, the employment rate is the highest it has been since March to May 2009, at 71 percent, ONS said.

"The strength in the labor market during the second quarter is a continuation of the resilience seen in the first quarter," ONS said.

The relatively high employment rate meant total hours worked rose 0.5 percent. However, average hours worked fell by 0.2 percent, the data office said.

Related UPI Stories
Trending Stories