UK Annual GDP Growth Revised Down to 2%
The British economy expanded 2 percent year-on-year in the first three months of 2016, lower than a 2.1 percent initial estimate and a 2.1 percent rise in the previous period. It is the weakest growth rate in three years, due to a slowdown in household consumption, exports and a fall in business investment.
5/26/2016 10:34:26 AM
Household spending went up 2.6 percent (2.7 percent in Q4 2015), government spending expanded 2.1 percent (2.2 percent in Q4 2015) and consumption of non-profit institutions serving households increased 2 percent (3.6 percent in Q4 2015).
Gross fixed capital formation grew 1.1 percent (2.1 percent in Q4 2015) and business investment shrank 0.4 percent, the first fall in three years.
In addition, both exports (2.1 percent from 2.2 percent) and imports (2 percent from 4.7 percent) went up at a slower pace.
On a quarterly basis, the economy advanced 0.4 percent, slowing from a 0.6 percent growth in the previous period and matching preliminary estimates.