The UK Office of National Statistics (ONS) released first quarter (Q1) 2018 preliminary GDP estimates on Friday night Australian time and they indicate UK economic growth slowed in this latest period. Seasonally adjusted GDP grew by only 0.1% which was less than the 0.3% increase expected and less than the 0.4% increase during the December quarter. On a year-on-year basis, GDP grew by just 1.2%, down from December’s 1.4% annual rate and well under September’s figure of 1.8%.
The ONS said construction was the largest negative factor on GDP after this segment contracted by 3.3%. The services segment were the largest contributor to GDP growth after it increased by 0.3% during the quarter. The weather had some effects on the result; energy production increased because of the cold weather but construction and retail sales were down for the same reason.