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UK economy slows in Q1

by ChemOrbis Editorial Team -
  • 28/04/2015 (11:57)
According to preliminary data from the Office for National Statistics (ONS), the UK economy grew at a slower pace than expected in the first quarter of 2015. The country’s gross domestic product (GDP) rose 0.3% after posting a growth rate of 0.6% in the last quarter of 2014. Economists’ initial estimates called for a growth rate of 0.5% in a survey by Bloomberg.

The deceleration was attributed to the slowing services sector, which grew 0.5% in the first quarter, posting the lowest level since the second quarter of 2013. The data also showed that the country’s manufacturing declined 0.1% while the construction sector contracted 1.6% in the January- March period.

On a yearly basis, the UK economy posted its lowest growth rate in more than a year of 2.4% in the first quarter of this year.
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