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UK’s economic growth slows in Q1

by ChemOrbis Editorial Team -
  • 26/05/2016 (15:28)
According to media reports, economic growth in the UK slowed to 0.4% in the first quarter after growing 0.6% in the fourth quarter. The deceleration in the economy was led by falling exports and weaker business investment despite strong household spending. The upcoming referendum regarding the UK’s possible exit from the EU is also weighing down economic growth.

In the January-March period, household spending in the UK climbed 0.7%, posting the fastest pace seen in almost a year while investment and exports fell 0.5% and 0.3%, respectively. Meanwhile, growth in the country’s service sector also eased to 0.6% in the first three months while industrial production and construction output posted weaker results.

On a yearly basis, the country gross domestic product (GDP) grew 2% in the first quarter, down from an earlier estimate of 2.1%.
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