UK GDP Growth Slows On Consumer Spending, Business Investment
2018年5月25日 - 05:29PM
RTTF2
The UK economy expanded at the weakest pace in five years in the
first quarter, on weak consumer spending and business investment,
the second estimate from the Office for National Statistics showed
Friday.
Gross domestic product grew 0.1 percent sequentially in the
first quarter, slower than the 0.4 percent expansion registered in
the fourth quarter. The rate came in line with the initial estimate
published on April 27.
On a yearly basis, GDP expanded 1.2 percent in the first
quarter, in line with preliminary estimate, versus 1.4 percent
growth seen a quarter ago.
The ONS said while the bad weather had some impact on the
economy, particularly in construction and some areas of retail, its
overall effect was limited, with partially offsetting impacts in
energy supply and online sales.
Earlier this week, Bank of England Governor Mark Carney told
lawmakers that the slowdown in the first quarter was largely due to
temporary and idiosyncratic factors.
While today's figures confirmed that the economy slowed sharply
in first quarter, Ruth Gregory, an economist at Capital Economics,
said she doubt that this will prevent the BoE from raising rates
again in August.
The production-side breakdown showed that construction output
contracted 2.7 percent compared to the previous estimate of -3.3
percent. At the same time, growth in production was revised down to
0.6 percent from 0.7 percent.
The services industries were the largest contributor to GDP
growth, with output rising 0.3 percent in the first quarter. Farm
output fell 1.4 percent, unrevised from the preliminary
estimate.
On the expenditure side, household spending gained 0.2 percent,
continuing a pattern of subdued growth seen in recent quarters. At
the same time, government spending climbed 0.5 percent.
Gross fixed capital formation increased 0.9 percent sequentially
to GBP 84.9 billion in the first quarter. Meanwhile, business
investment fell 0.2 percent to GBP 46.1 billion.
The trade deficit narrowed slightly to GBP 9.2 billion from GBP
9.37 billion in the fourth quarter. Total trade imports decreased
0.6 percent, while total exports fell 0.5 percent.
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