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UK GDP up by less than expected

Friday, Apr 28 2017
UK GDP up by less than expected

UK gross domestic product (GDP) was estimated to have increased by 0.3% in Quarter 1 (Jan to Mar) 2017, the slowest rate of growth since Quarter 1 2016. Slower growth in Quarter 1 2017 was mainly due to services, which grew by 0.3% compared with growth of 0.8% in Quarter 4 (Oct to Dec) 2016.

In Quarter 1 2017 there were falls in several important consumer-focused industries, such as retail sales and accommodation; this was due in part to prices increasing more than spending. Production, construction and agriculture grew by 0.3%, 0.2% and 0.3% respectively in Quarter 1 2017. GDP per head was estimated to have increased by 0.1% during Quarter 1 2017.

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