Economic news

Britain's economy growth drops to 0.3 percent

The UK's GDP growth slowed to 0.3pc in the first quarter of 2017 against 0.8pc at the end of 2016, according to preliminary data of the Office for National Statistics.

The UK economy grew by 2.1% relative to the first quarter of last year. Experts, polled by Dow Jones, projected GDP growth rate averaged 0.4% compared to the fourth quarter and 2.2% in annual terms.

The GDP growth slowed in the past quarter because of weakening of the services sector - growth in this sector in January-March averaged only 0.3%, that is the lowest since early 2015, compared with 0.8% in the fourth quarter.

Industrial production grew by 0.3% in the first quarter, construction expanded by 0.2%.

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