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UK's Office for National Statistics on Thursday released the third estimate for the first quarter GDP. Data showed that UK’s economy expanded as previously estimated. The first quarter GDP was confirmed at 0.4 percent q/q, unrevised from the previous estimate published on May 26.
GDP compared to a 0.7 percent expansion seen in the fourth quarter of 2015. Nonetheless, this was the 13th consecutive quarter of positive growth since first quarter of 2013. On a yearly basis, GDP climbed 2 percent as estimated previously in the first quarter.
Official data showed business investment falling in the first quarter of the year. Gross fixed capital investment fell 0.1 percent in the first three months of the year, according to the Office for National Statistics, revised down from an earlier estimate which showed growth of 0.5 percent. The narrower measure of business investment fell 0.6 percent, worse than the earlier estimate of a 0.5 percent decline, leaving it 0.8 percent lower than a year ago.
“Rising business investment had been hoped to play a major role in the building a sustainable economic upturn in the UK, the downturn in investment is an overriding concern,” said Chris Williamson at Markit.
