UK GDP revised upwards to 0.4% contraction in Q2

UK GDP growth has been revised slightly upwards to a contraction of 0.4% in Q2, according to the final estimate from the Office for National Statistics.

This is in line with economists' expectations and compares with an original estimate of a 0.7% contraction and a second estimate of a 0.5% tightening. The Jubilee Bank Holiday and wet weather dragged on growth during the quarter, but there were upwards revisions in a number of key areas. Real household disposable income rose 1.9%; the biggest jump for three years. Production industry output fell by 0.7%, revised up from the previously estimated decline of 0.9%, while manufacturing output was revised from a 0.9% fall to a decline of 0.8%. There was also an upwards revision of out...