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U.K. economy grows 0.3% in Q1, unchanged from initial estimate

Published 05/28/2015, 04:34 AM
Updated 05/28/2015, 04:34 AM
© Reuters. U.K. Q1 GDP grows 0.3%, unchanged from previous estimate

Investing.com - The U.K. economy grew in line with preliminary estimates in the first three months of the year, disappointing expectations for a modest upward revision, data showed on Thursday.

In a report, the Office for National Statistics said gross domestic product expanded by a seasonally adjusted 0.3% % in the first quarter, unchanged from an initial estimate and below expectations for a reading of 0.4%. The U.K.’s economy grew by 0.6% in the preceding quarter.

Year-over-year, U.K. economic growth grew 2.4% in the three months ended March 31, unchanged from a preliminary reading and missing forecasts for a gain of 2.5%. The U.K. economy expanded at an annualized rate of 3.0% in the fourth quarter of 2014.

The data showed that first quarter private consumption was revised down to a 0.5% gain from a preliminary estimate of 0.6%, while government spending rose 0.6% in the first quarter, upwardly revised from an initial forecast of a 0.3% increase.

Meanwhile, total business investment rose by a seasonally adjusted 1.7% in the first quarter, beating estimates for a 1.0% increase and following a decline of 0.9% in the preceding quarter.

Additionally, the index of services in the U.K. inched up 0.4% in the first quarter, below expectations for 0.5% and after rising 0.7% in the fourth quarter.

GBP/USD was trading at 1.5350 from around 1.5360 ahead of the release of the data, while EUR/GBP was at 0.7119 from 0.7110 earlier.

Meanwhile, European stock markets remained mostly lower. London’s FTSE 100 shed 0.1%, the EURO STOXX 50 dipped 0.5%, France's CAC 40 fell 0.5%, while Germany's DAX inched down 0.2%.

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