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UK economy grows 0.3% in Q1

by ChemOrbis Editorial Team -
  • 29/05/2015 (11:06)
According to media reports, the UK’s Office for National Statistics’s (ONS) latest data confirmed that economic growth slowed to 0.3% in the first quarter after posting a growth rate of 0.6% in the last quarter of 2014. Analysts had expected the ONS’ initial growth figure of 0.3% to be revised up to 0.4% in its latest report.

The country’s Q1 growth rate was the weakest quarterly growth seen in two years. The deceleration in growth was attributed to a higher trade deficit and a slowing services sector.

In the first three months, the services sector expanded by 0.4%, posting the slowest pace of growth since 2012 while the country’s trade deficit rose to £13.2 billion ($20.1 billion) in the January-March period from £9.6 billion ($14.6 billion) in the previous quarter, with exports declining 0.3% and imports rising 2.3%.
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