THE UK economy contracted be less than previously thought between April and June, according to figures from the Office for National Statistics (ONS).
Revised data from the ONS reveal that GDP fell by 0.5% during the quarter, compared to the 0.7% it announced last month.
However, market analysts remained pessimistic.
“The economy is still underwater. Whether it’s a puddle or an ocean matters little,” said Ranvir Singh, CEO of RANsquawk.
“But the recession is not as deep as feared, and the markets were briefly cheered by the solid upward revision in service output.
“The ONS clearly over-estimated the negative impact the Jubilee weekend would have on the service sector. So the revelation that such a vital sector declined by only 0.1% in Q2 has lifted spirits.”