The Brexit slowdown is officially here -- UK GDP grows less than expected in Q1

LONDON — UK GDP grew less than expected in the first quarter of 2017, according to preliminary numbers from the ONS released on Friday.

GDP grew by just 0.3% in the quarter, while on an annual basis the figure was 2.1%.

Prior to the release economists had forecast 0.4% growth, representing a slowdown from the 0.7% figure seen in the final quarter of 2016, a number that beat all expectations. Yearly growth was forecast at 2.2%.

UK GDP has now grown in 17 consecutive quarters. The last time UK GDP shrunk over a quarter came in Q4 of 2012 when the economy readjusted to normality following a huge boost from the 2012 Olympic Games in London. However, Q1’s 0.3% growth marks the slowest growth since the beginning of 2016, the ONS said.

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