The contraction is less severe than expected, but the United Kingdom remains in recession. In the second quarter of the year, the British economy recorded a decline of 0,5%. The figure was revised upwards by the national statistics agency, which had previously estimated negative growth of -0,7%.
However, the data confirms the third consecutive quarter of economic contraction and the United Kingdom as one of the victims of the debt crisis. The output of the construction sector was also revised upwards and recorded a -3,9% in the second quarter, against the -5,2% estimated a month ago.
The London Stock Exchange continues its decline and by mid-morning it recorded a drop of 0,19%, to 5.765,50 points.
