Europe

UK's NIESR GDP Estimate Points To Flat Economic Activity In June Quarter

The British economy remained broadly flat in the June quarter, continuing a trend that has persisted for around 24 months, the latest monthly GDP estimates released by the National Institute of Economic and Social Research (NIESR) showed.

The estimates showed Tuesday that the economic output declined 0.2 percent in the three months ended June after rising 0.1 percent in the three months ended May. However, these data are distorted by the additional bank holiday for the Diamond Jubilee.

NIESR said that the underling growth was more robust than these headline estimates suggest. Underlying growth of the economy for the three months to June was around 0.2 percent, according to the institute.

In a report published in May on the prospects of the UK economy, the think tank said that growth this year will be close to zero. However, the economy is expected to grow 2 percent in 2013.

by RTT Staff Writer