Growth in the UK economy slowed even further in April, according to the latest GDP estimate from the National Institute of Economic and Social Research (Niesr), published this afternoon.
The think tank estimates that the economy grew by just 0.3 per cent in the three months to April – a slowdown from 0.4 per cent in the three months to March and half the pace of growth recorded at the end of 2015.
Separate figures released by the Office for National Statistics (ONS) this morning showed that the UK’s production sector slipped into recession – again – in the first quarter of the year.
Consumer confidence indicators are also running at multi-year lows, the closely-watched purchasing managers’ index (PMI) scores are at their worst level for three years, the UK’s trade deficit is at its largest level since before the crisis and its current account – at seven per cent of GDP – is the biggest ever recorded.
“UK economic growth continues to be subdued compared with the rates we saw at the end of last year. Some of this slowdown is undoubtedly a result of heightened uncertainty around the impending EU referendum, and so is likely to be temporary should the UK decide to remain in the EU,” said Jack Meaning, research fellow at Niesr.
Niesr previously estimated that the UK economy grew by 0.3 per cent in the first quarter of the year, compared to the ONS' estimate that it expanded by 0.4 per cent.