GDP increases by 0.3 per cent in first quarter of 2015 - confirming economic slowdown

Ashley Kirk
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The Bank of England (Photo: Getty)

The UK's GDP increased by 0.3 per cent in the first quarter of 2015, according to the latest figures from the Office of National Statistics.

This figure is unrevised from the previous estimate of GDP in volume terms that was published in April.

It confirms that the UK economy had slowed down - despite expectations that the figure would be revised upwards for the first three months of 2015.

At 0.3 per cent growth, the rate is half of that in the fourth quarter of 2014 and the slowest growth since 2012.

Over the course of 2014, GDP increased by 2.8 per cent. Between the first quarter 2014 and the first quarter 2015, GDP in volume terms increased by 2.4 per cent.

ONS chief economist Joe Grice said:

Today's unchanged figure of 0.3 per cent growth in GDP in the first quarter of 2015 reflects small upwards revisions to production and construction, offset by a downward revision to services.

It confirms the picture of somewhat weaker growth in the first quarter than in recent ones. But no single quarter's figures should be given undue weight.

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