UK recovery hopes raised on upward GDP move

New figures suggest UK GDP fell 0.7% in the three-month period, up from an initial estimate of 0.8%. This compares with a fall of 2.4% in the first quarter. The ONS says better-than-expected production output helped to slow the economy's decline. The year-on-year fall in GDP was also better than expected, down 5.5% instead of an originally estimated 5.6%. But the annual drop is still the biggest since records began in 1955. The upward revision surprised many analysts who had expected the ONS to confirm its initial estimate of a 0.8% contraction and spurred hopes that a return to ...