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Friday, preliminary data revealed that the UK economy shrunk at a slower pace in the second quarter, though the contraction was severe than economists expected.
The Office for National Statistics reported that the gross domestic product declined 0.8% quarter-on-quarter in the seocnd quarter, after falling 2.4% in the first three months of the year. Economists were looking for a 0.3% contraction.
"The decline in output was due to decreases in all component aggregate series," the ONS said.
Output in manufacturing was down 0.3%, compared with a 5.5% slump in the first quarter. Services output fell 0.6% after declining 1.6% in the previous quarter. Construction output decreased 2.2%, compared with a 6.9% fall in the previous quarter.
Year-on-year, the GDP decreased 5.6% in the second quarter, at a faster pace than the 4.9% recorded for the first three months of the year. Economists expected a 5.2% shrinkage.
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