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U.K. Q1 GDP Growth Confirmed At 0.4%

The U.K. economy expanded as previously estimated in the first quarter, the third estimate from the Office for National Statistics showed Thursday.

Gross domestic product grew 0.4 percent in the first quarter from previous three months, unrevised from the estimate published on May 26. It was slower than the 0.7 percent expansion seen in the fourth quarter of 2015.

Nonetheless, this was the 13th consecutive quarter of positive growth since first quarter of 2013.

On a yearly basis, GDP climbed 2 percent as estimated previously in the first quarter.

Another report showed that the index of services increased 3.0 percent in April from last year, largely driven by business services and finance.

Month-on-month, the index of services advanced 0.6 percent, reversing a negative growth of 0.3 percent in March.

In three months to April, the indicator gained 0.5 percent compared to the expected growth of 0.4 percent.

Data from ONS today showed that the current account gap narrowed to GBP 32.6 billion from a revised deficit of GBP 34.0 billion in the fourth quarter.

The narrowing in the current account deficit was mainly due to a narrowing in the deficits on secondary income and primary income.

Gross fixed capital formation decreased by 0.1 percent from the fourth quarter to GBP 77.1 billion in the first quarter, separate data revealed today.

Business investment fell 0.6 percent to GBP 43.7 billion, revised down 0.1 percentage points from the previously estimated 0.5 percent decrease.
Source: RTT News

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