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Financial News: UK Q1 GDP Growth Revised Down

UK Q1 GDP Growth Revised Down

05/25/2017 - 05:02:00 (RTTNews)

(RTTNews) - The UK economy expanded less than previously estimated in the first quarter, the second estimate from the Office for National Statistics showed Thursday.

Gross domestic product grew 0.2 percent sequentially in the first quarter instead of 0.3 percent estimated on April 28. A similar slower growth was last seen in the first quarter of 2016.

Quarter-on-quarter growth slowed from 0.7 percent registered in the fourth quarter of 2016.

In the first quarter, all four sectors showed positive growth. Total production increased by 0.1 percent but slower than the previous estimate of 0.3 percent.

Likewise, growth in services output was revised down to 0.2 percent from 0.3 percent.

At the same time, farm output increased by 0.3 percent and construction by 0.2 percent, both in line with preliminary estimate.

Another report from ONS showed that business investment increased by 0.6 percent to GBP 43.8 billion in the first quarter.

Services output climbed 0.2 percent in March from the prior month, the ONS reported. The largest contribution came from transport, storage and communication.

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