Queen's Jubilee holiday keeps Britain in recession NIESR said the additional day off hit industrial production, which it believes fell 0.8pc between April and June, while a 0.1pc fall in private services was also a significant drag in the second quarter because it is a major component of GDP. "Underling growth was more robust than these headline estimates suggest," said Simon Kirby, senior research fellow at NIESR. My overall view of the economy is a continuation of this flat trend that has persisted for around 24 months. The first official estimate of second quarter GDP will be published on July 25 by the Office for National Statistics. Mr Kirby said the economy should fare better in the third quarter, benefiting from Olympics ticket sales and a rebound from the loss of activity triggered by the Jubilee holiday. We should expect a bounce-back in the third quarter. There is no permanent loss of output, it's temporary," he said.