UK preliminary GDP rose less than expected in Q1

Market news

28 April 2017

UK preliminary GDP rose less than expected in Q1

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.

UK index of services increased by 0.5% in the 3 months to February - ONS

United Kingdom: BBA Mortgage Approvals, March 41.1 (forecast 42)

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