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Saturday, May 30, 2015, Jaishtha 16, 1422 BS, Shaban 11, 1436 Hijr

British GDP growth in Q1 unrevised at 0.3pc
Published : Saturday, 30 May, 2015,  Time : 12:00 AM,  View Count : 12

LONDON, May 29:  British gross domestic product (GDP) grew by 0.3 per cent in the first quarter of 2015, unrevised from the previous estimate published a month ago, confirmed the Office for National Statistics (ONS) yesterday.
The quarterly growth pace was much less than the 0.6 per cent in the fourth quarter of 2014, as well as slower than the market expectation consensus of a 0.4-per cent increase. The lackluster performance of net trade is one of the main reasons constraining the growth.
Data showed that British production output rose by 0.1 per cent in Q1 2015 when compared to the three months prior. Service sector output increased 0.4 per cent, while construction decreased by 1.1 per cent over the same period.
In expenditure terms, British household expenditure in the first quarter of 2015 grew by 0.5 per cent when compared to the three previous months. Government final consumption expenditure and gross fixed capital formation increased by 0.6 per cent and 3.9 per cent respectively, figures showed. The most optimistic news was that business investment grew by 1. 7 per cent in Q1 2015, far better than the previous quarter's decrease of 0.9 per cent.
However, exports declined by 0.3 per cent, and imports increased by 2.3 per cent on a quarter-on-quarter basis, data also showed. In terms of contribution to growth, net trade in Q1 dragged the economic growth by 0.9 per centage points. Britain's GDP was estimated to have increased by 2.8 per cent in 2014, compared with 2013, the same as the previously published estimate, said ONS.
The British statistics department releases three estimates for its quarterly GDP data. Experts here said the worsening net trade was disappointing, although the slowdown of growth seems to be short lived.
Vicky Redwood, chief UK economist at Capital Economics, said in an analysis piece: "The lack of any upward revision to UK GDP in Q1 is a touch disappointing, but given the discrepancy between the weak GDP data and the more upbeat business surveys, a revision is still likely further ahead."    ?Xinhua

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