Latest News by Industry
LONDON (AP) — Revised figures show the U.K. economy grew slightly in the second quarter of the year, indicating the country isn’t currently in a recession.
The Office for National Statistics said Friday that gross domestic product increased by 0.2% in the three months through June, compared with the agency’s previous estimate that the economy shrank by 0.1% in the period.
The new estimate means the British economy isn’t technically in a recession, which is traditionally defined by two consecutive quarters of shrinking GDP.
The Bank of England said last week that it expected GDP to fall by 0.1% in the three months through September. That would have put the British economy into a technical recession if the second-quarter figures hadn’t been revised.
The new figures more accurately reflect growth in financial services and the pandemic’s impact on healthcare, the national statistics office said.