British GDP contracts by 0.6% in June and 0.1% in Q2

Official data showed on Friday that the British economy contracted by 0.6% on a monthly basis in June and 0.1% during the second quarter of the year.

According to Reuters’ poll, analysts had indicated a contraction of 1.3 percent in June.

The Office for National Statistics said that services sector fell 0.5% during the month, and were the main driver of the decline in gross domestic product (GDP). The decline in economic output for the month of June was expected due to a banking holiday marking Queen Elizabeth’s platinum jubilee celebrations.