UK GDP revised up but still falls 0.5% in Q2

The Office for National Statistics has revised up its estimate of second quarter growth from a 0.7% contraction to a fall of 0.5%.

The revision is in line with economists' expectations, after construction output and industrial production estimates were revised following the initial Q2 estimate from the ONS. The July announcement of a 0.7% GDP fall, based on 40% of the overall data, was notable for a steep 5.2% contraction in construction output, a figure the ONS revised up to -3.9% earlier this month. The Bank of England has previously said the effect of the Jubilee bank holiday could knock 0.5% off GDP growth in Q2, a forecast which suggests the underlying pace of growth was flat on the quarter. The UK remain...