UK economy shrinks 0.6% in June

Official data showed on Friday that the British economy contracted by 0.6 percent on a monthly basis in June and 0.1 percent during the second quarter of the year. A Archyde.com poll had indicated a contraction of 1.3 percent in June. The Office for National Statistics said that services fell 0.5% during the month, and were the main driver of the decline in gross domestic product. A decline in economic output for the month of June was expected due to a banking holiday marking Queen Elizabeth’s platinum jubilee celebrations.