MW: U.K. GDP drops 0.7% in second quarter, below views
By Sara Sjolin
LONDON (MarketWatch) -- Growth in the U.K. dropped more than expected in second quarter, driven by weakness in the construction sector, the production sector and the service sector, data from the Office of National Statistics showed Wednesday. A preliminary estimate of gross domestic product for second quarter showed a 0.7% decline compared with the previous quarter. In the first quarter of 2012, growth slipped 0.3%. Analysts surveyed by Factset expected GDP growth to drop by 0.2%. The construction sector was hurt the most, with output dropping 5.2% quarter-on-quarter, following a 4.9% decrease between the last quarter in 2011 and 2012's first quarter.
