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UK rate of economic growth slows to 0.3% in quarter

byCustoms Today Report
04/05/2015
in Uncategorized
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LONDON: The rate of economic growth halved in the three months to the end of March, official figures show, marking the slowest quarterly growth for two years.

The UK economy grew by 0.3% in the quarter, the Office for National Statistics (ONS) said.

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That compares with 0.6% in the last three months of 2014.

The figures, which come nine days before the general election, suggest a “temporary” slowdown in the economy, analysts said.

The ONS said the economy was 2.4% larger than the same period a year earlier.

Growth of 0.5% in the services industry was offset by a 1.6% fall in the pace of economic output in construction.

The UK services sector accounts for around three quarters of economic growth, with construction, manufacturing and production accounting for the remaining quarter.

Tags: economic growth

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