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UK economic growth slows in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 27/04/2016 (15:15)
According to data released by the Office for National Statistics (ONS), economic growth in the UK slowed to 0.4% in the first quarter, down from a growth rate of 0.6% in the previous quarter. The recent growth figures were in lie with economists’ expectations. On a yearly basis, meanwhile, the UK economy expanded 2.1%.

The deceleration in the economy was led by lower industrial production and construction output, which fell 0.4% and 0.9%, respectively, in the first quarter. The service sector, however, grew by 0.6% in the same period.

Analysts commented that a possible exit from the EU is weighing on the UK economy. A referendum on the UK’s membership in the European Union will take place on Thursday June 23, 2016.
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