British economy shrinks 0.7% in second quarter

British economy shrinks 0.7% in second quarter

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%.

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