UK first quarter GDP at lowest since Q4 2012

FXStreet (Mumbai) - The preliminary data released by the UK Office for National Statistics (ONS) on Tuesday showed the growth rate in he first quarter of 2015 slowed to 0.3% quarter-on-quarter, compared to the expectation of 0.5%. The previous figure stands unrevised at 0.6%.

Output increased by 0.8% in services, and 1.3% in agriculture. In contrast, output decreased by 1.8% in construction and 0.1% in production. The year-on-year growth rate slowed to 2.4%, compared to the estimate of 2.6%. The previous quarter’s growth rate was 3.00%. GDP in 2014 as a whole was up 2.6% on 2013.