Financial News: UK Economy Grows For Second Quarter In A

UK Economy Grows For Second Quarter In A Row

(RTTNews) - UK economy expanded for the second straight quarter, in line with expectations, though output shrunk unexpectedly in the month of March, preliminary data from the Office for National Statistics showed Friday.

Gross domestic product grew 0.1 percent from the fourth quarter, when it expanded at the same pace.

Services sector expanded 0.1 percent, led by gains in information and communication, and administrative and support service activities.

Construction sector grew 0.7 percent and the production output increased 0.1 percent on the back of a 0.5 percent rise in manufacturing.

On the expenditure side, household consumption stagnated, while there was a positive contribution from gross fixed capital formation.

In March, the economic output declined 0.3 percent from February, when it was unchanged. Economists were looking for stagnation in March.

The monthly decline was largely due to a 0.5% slump in services output, while production and construction grew 0.7 percent and 0.2 percent, respectively.

The monthly GDP is now estimated to be 0.1 percent above its pre-Covid19 levels of February 2020, the ONS said.

January's monthly GDP growth was revised up to 0.5 percent from 0.4 percent.

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