The third revision of GDP figures from the Office for National Statistics has confirmed Britain is still in recession with a fall of 0.3 per cent. Q1 GDP, first recorded as falling by 0.2 per cent, has since been revised to a fall of 0.3 per cent. This figure is unchanged from the second revision at the end of May. Production output fell by 0.5 per cent, revised down from 0.4 per cent, and manufacturing output fell by 0.3 per cent. Construction output fell to 4.9 per cent, revised down from 4.8 per cent. Business services and finance fell by 0.3 per cent, revised down from 0.1 per cent. ONS said this was due to the performance of the financial services sector and other professional, scientific and technical activities. The only upward revision was services which grew by 0.2 per cent, revised up from 0.1 per cent. The figures mean Britain is still in technical recession, termed as two successive periods of negative growth. A figure for Q2 will be issued on 25 July.
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