UK GDP up 0.4% in Q1, now 2.5% above first quarter 2007
Gross domestic product in the United Kingdom rose 0.4 percent in the first quarter of this year compared to the last quarter of 2007, the government said Friday.
By Agencies |
LONDON: Gross domestic product in the United Kingdom rose 0.4 percent in the first quarter of this year compared to the last quarter of 2007, the government said Friday.
GDP is now 2.5 percent higher than in the first quarter of 2007, the Office for National Statistics said.
The agency said production industries fell 0.2 percent, construction and services each rose 0.5 percent and household expenditure jumped 1.3 percent.
Howard Archer, chief European economist at Global Insight, said the quarter-on-quarter growth of 0.4 percent was the lowest in three years.
``We suspect that extended muted economic activity will eventually markedly dilute underlying inflationary pressures and lead the Bank of England to cut interest rates further,'' Archer said, adding that he didn't expect a reduction in the current rate of 5.0 percent before August.
GDP is now 2.5 percent higher than in the first quarter of 2007, the Office for National Statistics said.
The agency said production industries fell 0.2 percent, construction and services each rose 0.5 percent and household expenditure jumped 1.3 percent.
Howard Archer, chief European economist at Global Insight, said the quarter-on-quarter growth of 0.4 percent was the lowest in three years.
``We suspect that extended muted economic activity will eventually markedly dilute underlying inflationary pressures and lead the Bank of England to cut interest rates further,'' Archer said, adding that he didn't expect a reduction in the current rate of 5.0 percent before August.
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