Samuel Tombs

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... »