UK Economy Expands 2.1% YoY In Q1

The British economy grew 2.1 percent, accelerating from a 1.9 percent expansion in the previous period but missing market expectations of a 2.2 percent gain, a preliminary estimate showed. Total production increased further, boosted mainly by manufacturing; while output grew at a slower pace for both services and construction.

Total production increased 2.5 percent after rising 1.9 percent in Q4 2016. Within the production aggregate output grew for: Manufacturing (2.8 percent from 2 percent in Q4); mining and quarrying (0.8 percent from -3 percent in Q4); electricity, gas, steam and air conditioning supply (1.7 percent from 5.4 percent in Q4); and water supply, sewerage, waste management and remediation activities (3.3 percent from 5.3 percent in Q4).

Services advanced 2.5 percent, following a 2.9 percent growth in Q4 2016. Within the services aggregate output expanded for: distribution, hotels and restaurants (3.6 percent from 6 percent in Q4); transport, storage and communications (3.8 percent from 4.4 percent in Q4); business services and finance (2.6 from 2.3 percent in Q4); government and other services (1.2 percent, the same as in Q4).

Construction output was estimated to have increased by 1.9 percent, following a gain of 2.8 percent during Q4.

UK Economy Expands 2.1% YoY In Q1

ONS | Joana Ferreira |
4/28/2017 9:40:40 AM