U.K. economic growth sputtered in the fourth quarter of this year, slowing to 0.2% from its fourth quarter 2009 growth rate of 0.4%.
This latest economic growth was weaker than economists expected according to the BBC.
Weather was blamed:
The ONS said the bad weather seen at the beginning of the year may have had an impact on output – particularly in the retail and industrial sectors.
But despite that, manufacturing output grew by 0.7% over the quarter, while the utilities sector saw output rise by 2.5%.
In the chart below from Finfacts Ireland, you’ll see that business services and finance were the strongest drivers of U.K. GDP in Q1.
Manufacturing was the next largest driver.
The production industries increased 0.7 per cent compared with an increase of 0.4 per cent in the previous quarter. Manufacturing increased 0.7 per cent. Mining and quarrying decreased 0.7 per cent and Electricity, gas and water supply increased 2.5 per cent. The production industries decreased 0.4 per cent between 2010 Q1 and 2009 Q1.
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