RTTNews - It was incorrectly mentioned in the first paragraph of the earlier version that UK Q2 GDP estimate was revised down. This is the corrected version.

The British economy shrank 0.7% sequentially in the second quarter, upwardly revised from last month's estimate of a fall of 0.8%, the latest report from the Office for National Statistics showed Friday. The annual rate of decline in GDP was revised to 5.5% from 5.6% in the second quarter.

In the first quarter, the economy had contracted 2.4% on a sequential basis and declined 4.9% from the same period of previous year.

Compared to the first quarter, household expenditure slipped 0.7% in the second quarter, while government spending grew 0.8%. Gross fixed capital formation was down 4.5%. Further, exports of goods and services decreased 2.7% and imports dropped 3.2%.

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