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Financial News: UK Growth Slows As Estimated In Q1

UK Growth Slows As Estimated In Q1

05/25/2018 - 04:54:00 (RTTNews)

(RTTNews) - The UK economy expanded at a weaker pace, as estimated, in the first quarter, second estimate from the Office for National Statistics showed Friday.

Gross domestic product grew 0.1 percent sequentially in the first quarter, slower than the 0.4 percent expansion registered in the fourth quarter. The rate came in line with the estimate published on April 27.

On a yearly basis, GDP expanded 1.2 percent in the first quarter, in line with preliminary estimate, versus 1.4 percent growth seen a quarter ago.

The ONS said while the bad weather had some impact on the economy, particularly in construction and some areas of retail, its overall effect was limited, with partially offsetting impacts in energy supply and online sales.

The production-side breakdown showed that construction output contracted 2.7 percent compared to the previous estimate of -3.3 percent. At the same time, growth in production was revised down to 0.6 percent from 0.7 percent.

The services industries were the largest contributor to GDP growth, with output rising 0.3 percent in the first quarter. Farm output fell 1.4 percent, unrevised from the preliminary estimate.

Another report from ONS showed that gross fixed capital formation increased 0.9 percent to GBP 84.9 billion in the first quarter. Business investment fell 0.2 percent to GBP 46.1 billion.

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