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UK GDP To Shrink 0.2% In Q2: NIESR

The UK economy is set to contract in the second quarter after stockbuilding ahead of the original Brexit departure date boosted growth in the first quarter, the National Institute of Economic and Social Research, or NIESR, said Monday.

The think tank forecast a 0.2 percent contraction in GDP in the second quarter.

The ONS data, released Monday, showed that the economy expanded 0.3 percent in the three months to April. Driven by falls in production and construction, GDP fell 0.4 percent in April.

The underlying picture is also quite weak, with Brexit-related uncertainty at home and trade tensions abroad dragging on investment spending and economic growth, Garry Young, head of macroeconomic modelling and forecasting, said.

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