UK GDP growth stays at 0.3 per cent
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The UK economy grew by 0.3 per cent in the first quarter of 2010, according to figures from the Office for National Statistics.
The figures were due to be sent out in June but were delayed due to concerns about the reliability of some of the data. The figure was unchanged from the previous estimate.
Many analysts believe economic growth will fall back in the second half of 2010 as plans to tackle the UK’s deficit begin to take effect. The ONS is expected to publish GDP figures for the second quarter on July 23, 2010.
World First chief economist Jeremy Cook says: “Although the headline figure remained unchanged at 0.3 per cent, government spending was revised up from 1.1 per cent to 1.5 per cent signifying that the recovery is still very reliant on state spending and that consumers are not stepping up to the plate quite yet.
“Osborne’s austerity measures will obviously see this government spending figure cut; the probability of a negative GDP figure in the second quarter has increased today.”
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