Office for National Statistics

UK Economy Slows to 0.4% as Manufacturing and Construction Output Declines

UK Economy Slows to 0.4% as Manufacturing and Construction Output Declines

The UK’s economic growth slowed in the first quarter of 2016 with productivity in the manufacturing and construction industries declining, according to latest figures from the Office for National Statistics (ONS). The report found that gross domestic product (GDP) grew by just 0.4% between January and March of this year, compared to 0.6% in the fourth quarter with construction and manufacturing output declining by 0.9% and 0.4% respectively. Despite the negative trend, the 0.4% rate of growth marks the 13th consecutive quarter of positive growth – with the services sector, the largest sector in the economy, growing by 0.6% The ONS has dismissed suggestions that the economic slowdown is linked to the upcoming Brexit referendum saying there is “no evidence” for such claims. Samuel Tomb... »

Retail Sales

Retail sales growth hits new low

Retail sales growth in September slowed to its lowest level since April 2006, according to new figures from the Office for National Statistics (ONS). The research revealed sales growth in the third quarter of 2008 was only 2.3% higher than the same period in 2007 — the lowest percentage increase since April 2006. The survey also found that sales growth was only 0.1% higher in the third quarter of this year, than the second quarter. According to the ONS, the slowdown been driven by a drop in spending on household goods, clothing and footwear. However, they pointed out that small retailers are doing better than large retailers at present. “Generally speaking, small businesses have seen stronger annual growth than large businesses in September 2008,” said an ONS spokesman, b... »