UK GDP Growth Confirmed at 2-Year Low

The British economy expanded 2.4 percent year-on-year in the first three months of 2015, the lowest growth rate since the last quarter of 2013, second estimates released by the Office for National Statistics showed.
ONS | Joana Taborda | joana.taborda@tradingeconomics.com 5/28/2015 10:41:59 AM
Household consumption was the largest contributor to growth, up 2.6 percent in the first quarter of 2015 over a year earlier but slowing from a 3 percent increase in the last three months of 2014. In contrast, net external demand dragged growth down as exports rose at a slower pace than imports (3.5 percent and 4.1 percent respectively). 

Gross fixed capital formation recorded the highest increase (3.4 percent from 5.1 percent in Q4) while government spending rose at a faster 2.5 percent (2.1 percent in Q4).

On a quarterly basis, the economy expanded at a slower 0.3 percent, dragged down by a fall in exports.

UK GDP Growth Confirmed at 2-Year Low