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UK economy contracted in the second quarter

It was the first quarter in which growth contracted in the UK since 2012
It was the first quarter in which growth contracted in the UK since 2012

The UK economy contracted by 0.2% in the second quarter of the year.

This is according to preliminary figures published by the UK Office for National Statistics.

It was the first quarter in which growth contracted in the UK since 2012.

However, it's not classified as a recession as that requires two successive quarters of contraction.

The UK economy grew by 0.5% in the first three months of the year.

A slowdown in growth had been expected as companies wound down their stockpiling requirements after the initial Brexit deadline.

There was also the expected impact of temporary production shutdowns by car manufacturers after the original March 31st exit date.