28.04.201504:47:00UTC+00U.K. Q1 GDP Growth Slows More Than Forecast

U.K. economic growth slowed more than expected in the first quarter, preliminary estimate published by the Office for National Statistics revealed Tuesday.

Gross domestic product expanded 0.3 percent sequentially during January to March period, the slowest growth since the fourth quarter of 2012. The growth rate was forecast to slow to 0.5 percent from 0.6 percent logged in the fourth quarter of 2014.

On the production side, output of the dominant service sector gained 0.5 percent. Meanwhile, construction and production declined 1.6 percent and 0.1 percent, respectively. Agriculture output was down 0.2 percent.

Year-on-year, GDP advanced 2.4 percent in the first quarter, slower than the expected increase of 2.6 percent.

Another report from ONS showed that the index of services grew 3.2 percent in February from last year. On a monthly basis, services output was up 0.3 percent.