The UK's first GDP numbers of 2016 were bang in line

The UK economy grew by 0.4% in the first quarter of 2016, according to the first estimate of GDP from the ONS. That number met the forecasts of economists, but was down from the 0.6% in the final quarter of 2015.

The Office for National Statistics released its preliminary estimates of GDP for the first quarter of 2016 on Wednesday and the quarterly number was bang in line with forecasts. On a year-by-year basis, GDP just beat expectations, growing by 2.1%, compared to 2% forecast.

Q1’s figures represent a 13th consecutive quarter of positive growth for the UK economy.

Here’s the chart showing the UK’s long term growth trend:

Last month the ONS released its third and final set of GDP figures and the numbers were better than expected. For the year, growth was up 2.1%, up from the previous estimate of 1.9%, while quarterly growth was 0.6%, up from 0.5% at previous estimates.

NOW WATCH: How ISIS makes over $1 billion a year

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.