MW:U.K. GDP for second quarter revised up to -0.4%
By Sara Sjolin
LONDON (MarketWatch) -- The U.K. economy shrank less than previously thought in second quarter of 2012, according to a third estimate of gross domestic product for the country, the Office for National Statistics said on Thursday. Output for the quarter fell by 0.4%, up from a previous estimate of a 0.5% decline, driven by a smaller contraction in the construction sector than recorded earlier. "Today's release paints a marginally healthier picture of the U.K. economy than had previously been portrayed," analysts at the Centre for Economics and Business Research said in a note. "However, the fact remains that the U.K. is in recession for the second time in four years, while output remains well below pre-financial crisis levels," they said.
