UK GDP Growth Confirmed at 2-Year Low

The British economy expanded 2.4 percent year-on-year in the first three months of 2015, the lowest growth rate since the last quarter of 2013, second estimates released by the Office for National Statistics showed.

Household consumption was the largest contributor to growth, up 2.6 percent in the first quarter of 2015 over a year earlier but slowing from a 3 percent increase in the last three months of 2014. In contrast, net external demand dragged growth down as exports rose at a slower pace than imports (3.5 percent and 4.1 percent respectively). 

Gross fixed capital formation recorded the highest increase (3.4 percent from 5.1 percent in Q4) while government spending rose at a faster 2.5 percent (2.1 percent in Q4).

On a quarterly basis, the economy expanded at a slower 0.3 percent, dragged down by a fall in exports.

UK GDP Growth Confirmed at 2-Year Low

ONS | Joana Taborda |
5/28/2015 10:41:59 AM