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U.K. economy shrank for first time since 2012 in the second quarter

Steve Goldstein

The U.K. economy contracted by 0.2% in the second quarter, after 0.5% growth in the first quarter, the Office for National Statistics said Friday, which was below market and the Bank of England forecasts. Year-over-year, GDP grew by 1.2%. Stockpiling that took place in the first quarter reversed in part during the second quarter, and a number of car manufacturers had brought forward their annual shutdown.