UK Q1 GDP Growth Slows More Than Estimate
25 Maggio 2017 - 10:28AM
RTTF2
UK's economic growth eased more than previously estimated in the
first quarter due to the downward revisions to services and
production.
Gross domestic product grew 0.2 percent sequentially in the
first quarter instead of 0.3 percent estimated on April 28, the
second estimates from the Office for National Statistics showed
Thursday.
A similar slower growth rate was last seen in the first quarter
of 2016. Quarter-on-quarter growth slowed from 0.7 percent
registered in the final three months of 2016.
Households reduced their spending as high inflation weighed on
purchasing power of consumers ahead of elections.
Household spending grew 0.3 percent, the slowest sequential
growth since the fourth quarter of 2014.
Gross fixed capital formation climbed 1.2 percent from the
previous quarter. Within total investment, business investment
increased 0.6 percent to GBP 43.8 billion due to positive
contributions from other machinery and intellectual property
products.
The net trade deducted 1.4 percentage points from GDP growth as
a weaker pound failed to boost exports.
At the May meeting, the Bank of England downgraded its 2017
growth outlook to 1.9 percent from 2 percent, citing weakening
household spending.
The production-side breakdown of GDP showed that growth in the
dominant service sector was revised down to 0.2 percent from 0.3
percent.
Likewise, total production increased by 0.1 percent versus the
previous estimate of 0.3 percent.
Meanwhile, agriculture increased by 0.3 percent and construction
by 0.2 percent, both in line with preliminary estimate.
Services output climbed 0.2 percent in March from the prior
month, the ONS reported in a separate report. The largest
contribution came from transport, storage and communication.
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