UK Q2 GDP slashed to 0.1%

The UK economy grew at just 0.1% in the second quarter,lower than previously expected, the Office for National Statistics has revealed.

Delivering its second and final revision, the ONS cut its previous estimate of 0.2% GDP growth in Q2, pointing to a bigger slowdown in growth in the services sector than previously announced. The ONS said services sector growth declined by 0.3%, worse than earlier estimates. It also revised growth figures from the first quarter down from 0.5% to 0.4%. However, on a brighter note construction sector growth was upwardly revised from 0.5% to 1.1%. The revision from the ONS was calculated using new data and a new methodology which it said had impacted on the numbers. Nonetheless, th...