Thursday, May 25, 2017

BBC News - UK growth estimate revised down

The UK's economy grew more slowly than first estimated in the first three months of the year, according to official figures.
Shoppers
The Office for National Statistics (ONS) now says the economy expanded by 0.2% in the quarter - slower than its original estimate of 0.3%.
It said the change was due to downward revisions for growth in the UK's dominant services sector.
In the last quarter of 2016, the UK economy had expanded by 0.7%.
The ONS now estimates that the services sector, which accounts for about 80% of the UK economy, grew by 0.2% in the first quarter of the year, down from its initial estimate of 0.3%.
At the end of 2016, this sector had been growing by 0.8%.
The ONS noted that growth in the services industries had been "more subdued" than in recent periods, with a slowdown "in consumer-focused industries, such as retail sales and accommodation".
"This was partly due to rising prices," it added.
Many economists have been expecting the economy to slow as consumers cut back on spending in the face of accelerating inflation.

No comments:

Post a Comment