The U.K. economy shrank more than initially estimated during the first quarter, the Office for National Statistics said Thursday.
Gross domestic product shrank 0.3 percent, slightly bigger than the previously estimated drop of 0.2 percent.
The first quarter decline follows a similar 0.3 percent GDP decline in the fourth quarter of 2011. Two straight quarters of contraction signals a recession.
Output of the production industries fell 0.4 percent, within which manufacturing output was flat. The construction industry fell sharply by 4.8 percent. Meanwhile, output of the service industries rose by 0.1 percent.
In a separate report, the ONS said business investment rose by GBP 1.1 billion sequentially to GBP 30.8 billion. On a yearly basis, investment grew GBP 3.8 billion or 14.2 percent.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.