Figures released by the Office for National Statistics (ONS) today revealed that the economy did not perform as well expected in the three months to June.
GDP fell by 0.8%, a much sharper decline than the 0.3% predicted by analysts.
Total production output declined by 0.7% from the first quarter, while services output fell by 0.6%. Within that sector, business services and finance contributed most to the decline, with a 0.7% fall.
"The provisional UK GDP figures for Q2 are shockingly bad and firmly dash any hopes that the UK had already pulled out of recession", according to Vicky Redwood, economist at Capital Economics, speaking to the Financial Times this morning.
"These figures blow a hole in the chancellor's GDP forecast for the year. The government's failure to add...
About Gina Dyer
I've been a journalist for four years, writing on a wide variety of topics from business and finance to travel, culture and celebrities. I began my career as an editorial assistant for Palladian Publications, a B2B publisher specialising in technical magazines for professionals in primary industries. I later moved into consumer magazines as a staff writer for French Magazine, a monthly travel publication aimed at Francophiles, and was part of the launch team for The Traveller in France, a quarterly magazine produced for the French tourist board. I was also a regular contributor to online travel portal Homesworldwide.co.uk, and later worked with customer publishers Future Plus as a freelance production editor, before joining Sift Media in January 2009. I am currently Deputy Editor of AccountingWEB.co.uk.