UK GDP Growth at 2-Year Low

The British economy grew 2.4 percent year-on-year in the first three months of 2015, the lowest in five quarters, dragged down by a fall in mining and construction and a slowdown in services and manufacturing.

Preliminary estimates showed the mining sector posted the largest drop (-3.2 percent), followed by water supply and sewerage (-2.8 percent) and construction (-0.8 percent).

Manufacturing grew 1.3 percent, down from 2.6 percent in the last three months of 2014 while business services and finance eased to 3.4 percent from 4.1 percent in Q4 2014. Activities in distribution, hotels and restaurants increased 4.7 percent, 0.5 percent lower than in the December quarter of 2014.

In contrast, utilities grew 3.3 percent, rebounding from a 3.7 percent drop in the last quarter of 2014. Transport, storage and communication grew at a faster 5 percent from 4.3 percent in Q4 and government services rose 0.8 percent, the same as in the previous quarter.

On a quarterly basis, the economy expanded 0.3 percent, the weakest pace since the last quarter of 2012 when the economy shrank 0.3 percent and far below market expectations. 

UK GDP Growth at 2-Year Low

ONS | Joana Taborda |
4/28/2015 10:22:24 AM