Britain’s double-dip recession not as deep as previously feared

The double-dip recession in Britain is not as deep as previously feared after revised figures showed a smaller contraction in the second quarter of the year.

The Office for National Statistics (ONS) said gross domestic product (GDP) fell 0.4% between April and June in the second upward revision.

Its initial 0.7% contraction estimate shocked Britain’s financial community in July, but smaller than previously thought falls in production, manufacturing, and construction improved the decline to 0.5% last month and now to 0.4%.