InvestmentsApr 29 2014

UK economy grows by 0.8 per cent in first quarter

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The UK economy grew by slightly less than expected in the first quarter of 2014, according to the preliminary estimate from the Office for National Statistics (ONS).

The ONS said today that UK GDP grew by 0.8 per cent in the first three months of the year, slightly lower than the consensus forecast of 0.9 per cent.

The highest growth was seen in the services sector, which grew by 0.9 per cent, while production output grew by 0.8 per cent and there was a 0.3 per cent growth in construction.

However, the growth figure was dragged down slightly by a 0.7 per cent contraction in the agriculture sector.

The ONS said the economy’s output was still 0.6 per cent below its peak before the financial crisis, but it is expected to surpass that level later in the year.