UK Q1 Annual GDP Growth Weakest Since 2012

The British economy expanded by 1.2 percent year-on-year in the first quarter of 2018, missing market expectations of 1.4 percent, a preliminary estimate showed. It was the weakest pace of expansion since the second quarter of 2012.

Services advanced 1.2 percent in the first quarter, compared with 1.1 percent in the previous period. Within the services aggregate, output expanded for: distribution, hotels and restaurants (0.7 percent vs 0.2 percent in Q4); transport, storage and communications (2.8 percent vs 2.1 percent); and business services and finance (1.7 percent, the same as in Q4).

Total production grew 2.2 percent after increasing 1.9 percent in the fourth quarter. Within the production aggregate, main contributors to growth were mining and quarrying (1.3 percent vs 0.6 percent), and electricity and gas (3.7 percent vs -1.7 percent); while manufacturing growth slowed to 2.5 percent from 2.9 percent in Q4 and water supply, sewerage, waste management and remediation activities continued to fall (-2.8 percent vs -0.5 percent).

Construction output was estimated to have decreased by 3.3 percent, following an advance of 2.3 percent during the previous period.

UK Q1 Annual GDP Growth Weakest Since 2012

ONS | Joana Ferreira |
4/27/2018 9:14:40 AM