Growth Slowed Slightly in First Quarter

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GDP has slowed slightly in the first quarter of 2016 with growth of 0.4% compared to 0.6% in the previous quarter. This gives an annual growth rate of 2.1% and remains in line with expectations.

There was an increase of 0.6% in the service sector, but a fall of 0.4% in production and a fall of 0.9% in construction. The full results are available at the ONS’s web-site.

Joe Grice, the Chief Economist at the ONS, said:

“Today’s figures suggest growth has slowed as compared with the pace up to the middle of last year. Services continue to underpin the economy but other sectors have shown falling output this quarter”.