UK gross domestic product (GDP) in volume terms fell by 0.5% in the
second quarter of 2012, revised from the previously estimated 0.7%
decline according to the Office for National Statistics (ONS).
The ONS said output in the construction sector was higher than it had previously
"The production sector was not quite as bad [as we thought]; similarly the
construction sector," Joe Grice from the ONS told the BBC.
He said each accounted for a 0.1% revision to the original 0.7% estimate.
Output of the production industries fell by 0.9%, within which
manufacturing output also fell by 0.9%. Output of the services
industries fell by 0.1%, while output of the construction industry fell
by 3.9% and household final consumption expenditure decreased by 0.4% in volume terms in the latest quarter.
In current price terms, compensation of employees rose by 1.8% in the
second quarter of 2012.
The deficit in net trade was £7.3bn in 2012 quarter two, compared with
a deficit in net trade of £3.7bn in 2012 quarter one.
Grice said today's announced revision did not change the overall picture of the
UK economy, which has been "broadly flat over the past two years".
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