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Financial News: UK GDP Growth Weakest Since 2012

UK GDP Growth Weakest Since 2012

04/27/2018 - 04:49:00 (RTTNews)

(RTTNews) - The UK economy expanded at the slowest pace in more than five years in the first quarter, the Office for National Statistics reported Friday.

Gross domestic product grew only 0.1 percent in the first quarter, the weakest since the fourth quarter of 2012. GDP was expected to rise 0.3 percent. The economy had expanded 0.4 percent in the fourth quarter.

The production-side breakdown showed that the slowdown was driven by a 3.3 percent fall in construction output.

Production rose 0.7 percent with manufacturing growth easing to 0.2 percent. The services industries were the largest contributor to GDP growth, rising 0.3 percent in the first quarter.

On a yearly basis, GDP expanded 1.2 percent in the first quarter, slower than the expected growth of 1.4 percent.

Another report from ONS showed that in the three months to February, services output increased 0.4 percent compared with the three months ending November 2017.

In February, services output dropped 0.2 percent from the previous month.

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