U.K. Q1 GDP growth confirmed at 0.3%
2013-05-23 16:35:53
The U.K. economy avoided recession in the first quarter as initially estimated, second estimates from the Office for National Statistics showed Thursday.
Gross domestic product grew 0.3 percent sequentially in the first quarter, offsetting the last quarter's 0.3 percent fall.
Household final consumption expenditure increased for the sixth consecutive quarter. Household spending was up 0.1 percent in the first quarter, while government spending was unchanged.
Investment continued to impact negatively on expenditure growth, falling by 0.8 percent, the third fall in a row. The level of inventories increased by GBP 2.5 billion in the first quarter. The deficit in net trade widened to GBP 6.3 billion in the first quarter from GBP 6 billion in the prior quarter.
On a yearly basis, GDP advanced 0.6 percent in the first quarter, data showed.