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UK GDP shrank by 0.5%

Gross domestic product shrank by 0.5% between April and June, the Office for National Statistics said today, better than previously estimated. It previously said the economy contracted by 0.7% over the same period.

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Diamond Jubilee and poor weather dampened GDP figures

The GDP figures released today suggest that the extra bank holiday for the Queen's Diamond Jubilee and the washout start to the summer did not have as much of an effect as previously feared.

Economists believe the extra bank holiday may have knocked as much as 0.5% off GDP, but the ONS said it was too early to measure the effect.

There are fears that the economy will struggle to pull out of its double-dip recession in the current quarter as the eurozone debt crisis slows global growth.

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