By Nicholas Winning and Joe Parkinson
OF DOW JONES NEWSWIRES
LONDON (Dow Jones)--The U.K. economy shrank slightly less than previously estimated in the second quarter, but still posted its steepest fall in annual terms since records began in 1955, the Office for National Statistics said Tuesday.
The final reading of gross domestic product showed it shrank 0.6% between April and June from the first quarter, a narrower fall than the previous estimate of a 0.7% contraction.
"The revision is almost entirely due to stronger estimates of construction output than previously forecast," the ONS said in a statement.
But the data also showed GDP was 5.5% lower than in the second quarter of 2008 - unchanged from the previous reading.
Economists were expecting revised declines of 0.6% on the quarter and 5.4% on the year, according to a Dow Jones Newswires survey last week.
The ONS said the quarterly fall in GDP in the first three months of the year was also revised wider to 2.5% from 2.4% - the sharpest drop since the second quarter of 1958 - as a result of weaker data on the output of services.
The GDP growth rate for last year as a whole was also revised down to 0.6% from 0.7%.
Web site: www.ons.gov.uk
-By Nicholas Winning, Dow Jones Newswires; +44 207 842 9498; nick.winning@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
September 29, 2009 04:40 ET (08:40 GMT)
Copyright 2009 Dow Jones & Company, Inc.
DATA SNAP: UK Aug Net Consumer Lending +GBP699 Mln Vs July
DATA SNAP: UK Aug Net Consumer Lending +GBP699 Mln Vs July
LONDON (Dow Jones)--U.K. net consumer lending rose more sharply than expected in August, driven by a large increase in mortgage lending, data from the Bank of England showed Tuesday.
The robust figures will dampen concerns that consumers are unable to access funds to buy homes because financial institutions are unwilling to lend amid the harsh economic climate.
Total consumer lending rose GBP699 million in August, its largest rise since April, following a downwardly-revised drop of GBP462 million in July.
Economists had expected net consumer lending to increase by GBP300 million, according to a Dow Jones Newswires survey last week.
The rise in consumer lending was driven by an increase of GBP1.009 billion in mortgage lending, which was partially offset by a fall of GBP309 million in consumer credit.
This rise in mortgage lending was the biggest since February.
Mortgage approvals eased back slightly in August to 52,317, down from 52,404 in July.
Web site: http://www.bankofengland.co.uk/
-By Adam Bradbery, Dow Jones Newswires; 44 20 7842 9305; adam.bradbery@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
September 29, 2009 04:41 ET (08:41 GMT)
Copyright 2009 Dow Jones & Company, Inc.
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