×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

British economy shrinks 0.7% in second quarter

British economy shrinks 0.7% in second quarter
AFP
Comment E-mail Print Share
First Published: Fri, Aug 28 2009. 01 55 PM IST
Updated: Fri, Aug 28 2009. 01 55 PM IST
London: Britain’s recession-hit economy contracted by a better-than-expected 0.7% in the second quarter of 2009 compared with the first three months of the year, revised official data showed Friday.
The Office for National Statistics said in a statement that the economy contracted by 5.5% in the second quarter on a year-on-year basis, which was the biggest drop since records began in 1955.
The latest readings were slightly better than initial estimates given last month for a quarterly drop of 0.8% and an annual decline of 5.6%.
Comment E-mail Print Share
First Published: Fri, Aug 28 2009. 01 55 PM IST