View more on these topics

UK growth figure left at 0.5%

The UK economy grew at 0.5 per cent during the first quarter of the year, the government’s final figures confirm.

Data published by the Office for National Statistics today is unrevised from the previous estimate.

The ONS revised down output in the manufacturing sector by 0.1 per cent, but this was offset by the fall in construction output being amended from 4 per cent to 3.4 per cent.

Howard Archer, the chief European and UK economist at IHS Global Insight, comments: “The UK economy is struggling to generate decent, sustained growth and this is likely to remain the case going forward as the fiscal tightening increasingly bites.”

Andrew Goodwin, a senior economist at Oxford Economics, adds that he is “deeply suspicious” about the accuracy of the 0.5 per cent figure, although he is not surprised to see the data remain unrevised today.

“We think it likely that any revisions will come further down the line, possibly when the [detailed national product] Blue Book balancing takes place,” he explains.

“It is unlikely that the ONS will have much new information at this stage, so are unlikely to see any upward revision just yet.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm