FOREX TradingCharts.com

Financial News: UK Economy Shrinks In Q1

UK Economy Shrinks In Q1

05/12/2021 - 03:17:00 (RTTNews)

(RTTNews) - The UK economy contracted in the first quarter as school closures and a large fall in retail sales earlier in the quarter dragged down growth, the Office for National Statistics reported Wednesday.

Gross domestic product shrank 1.5 percent sequentially, reversing a 1.3 percent rise in the fourth quarter. Economists had forecast a sequential drop of 1.6 percent. The economy contracted again in the first quarter after rising for two straight quarters. On a yearly basis, GDP dropped 6.1 percent, as expected in the first quarter.

The level of GDP was 8.7 percent below where it was before the pandemic at the fourth quarter of 2019, ONS said.

Services and production output contracted 2 percent and 0.4 percent, respectively in the first quarter, while construction expanded 2.6 percent.

In March, GDP grew 2.1 percent, the fastest monthly growth since August 2020, as schools in some parts of the UK reopened throughout the month. GDP was up by revised 0.7 percent in February.

The service sector grew 1.9 percent from February. Output in the production sector climbed 1.8 percent, as manufacturing grew for a second consecutive month, at 2.1 percent.

At the same time, the construction sector expanded 5.8 percent in March, driven by growth in both new work and repair and maintenance.

Another data showed that the visible trade gap widened to GBP 11.7 billion from GBP 10.5 billion in February.

The surplus on services came in at GBP 9.74 billion. Consequently, the total trade deficit rose to GBP 1.96 billion from GBP 856 million a month ago.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Greece Current Account Deficit Widens In April (13 hr(s), 35 min(s), 41 sec(s) ago)
(RTTNews) - Greece's current account deficit widened notably in April from the last year due t ...Full Story»

UK Inflation Expectations Slow In May: BoE/Kantar Survey (13 hr(s), 50 min(s), 41 sec(s) ago)
(RTTNews) - Britons' inflation expectations for the coming year slowed in May, the latest Bank ...Full Story»

Portugal Producer Prices Accelerate In May (15 hr(s), 28 min(s), 41 sec(s) ago)
(RTTNews) - Portugal's producer prices accelerated in May, figures from Statistics Portugal sh ...Full Story»

UK Retail Sales Decline In May (15 hr(s), 43 min(s), 41 sec(s) ago)
(RTTNews) - UK retail sales dropped in May as the reopening of all retail sectors and the easing o ...Full Story»

Croatia Jobless Rate Falls In May (16 hr(s), 39 min(s), 41 sec(s) ago)
(RTTNews) - Croatia's jobless rate declined in May, figures from the Croatian Bureau of Statis ...Full Story»

Eurozone Current Account Surplus Rises In April (17 hr(s), 47 min(s), 41 sec(s) ago)
(RTTNews) - The euro area current account surplus increased in April, the European Central Bank re ...Full Story»

Poland Average Gross Wages Rise In May (18 hr(s), 02 min(s), 41 sec(s) ago)
(RTTNews) - Poland's average gross wages rose in May, data from Statistics Poland showed on Fr ...Full Story»

BoJ Keeps Stimulus Unchanged; Mulls Funding Plans To Address Climate Change (19 hr(s), 06 min(s), 41 sec(s) ago)
(RTTNews) - The Bank of Japan maintained its massive monetary stimulus and announced the introduct ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Greece Current Account Deficit Widens In April

06/18/2021 - 09:10 AM (RTTNews)
(RTTNews) - Greece's current account deficit widened notably in April from the last year due t ...Full Story>>

UK Inflation Expectations Slow In May: BoE/Kantar Survey

06/18/2021 - 08:55 AM (RTTNews)
(RTTNews) - Britons' inflation expectations for the coming year slowed in May, the latest Bank ...Full Story>>

Portugal Producer Prices Accelerate In May

06/18/2021 - 07:17 AM (RTTNews)
(RTTNews) - Portugal's producer prices accelerated in May, figures from Statistics Portugal sh ...Full Story>>

UK Retail Sales Decline In May

06/18/2021 - 07:02 AM (RTTNews)
(RTTNews) - UK retail sales dropped in May as the reopening of all retail sectors and the easing o ...Full Story>>

Croatia Jobless Rate Falls In May

06/18/2021 - 06:06 AM (RTTNews)
(RTTNews) - Croatia's jobless rate declined in May, figures from the Croatian Bureau of Statis ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.