UK Q1 2017 GDP revision misses expectations

The UK GDP second estimate revealed that the pace of growth in the UK economy slowed in the first quarter of this year, missing the consensus forecast.

The report showed that the GDP figures came in at 0.2% q/q in the first quarter of 2017, a tad weaker than 0.3% booked in first estimate, and coming in below expectations of a 0.3% reading.

While on an annualized basis, the growth rate stood at +2.0% in Q1, when compared to forecasts of +2.1% and 2.1% previous revision.

Key Headlines from ONS:

UK GDP growth slowed to 0.2% in Quarter 1 2017 as consumer facing industries such as retail and accommodation fell and household spending slowed. This was partly due to rising prices. Construction and manufacturing also showed little growth, while business services & finance continued to grow strongly.