United Kingdom economy grows at slowest pace in the last five years
Apr 29, 2018, 13:54
Rob Kent-Smith, head of national accounts at the ONS, said: 'Our initial estimate shows the United Kingdom economy growing at its slowest pace in more than five years with weaker manufacturing growth, subdued consumer-facing industries and construction output falling significantly'.
ONS figures showed that construction was the biggest drag on GDP, dropping 3.3 per cent over the first three months of the year, which was its most dramatic fall since the second quarter of 2012.
The UK's GDP growth has dropped dramatically in the first quarter of 2018.
"Our initial estimate shows the United Kingdom economy growing at its slowest pace in more than five years with weaker manufacturing growth, subdued consumer-facing industries, and construction output falling significantly." said Rob Kent-Smith, head of national accounts at the ONS.
The statistics office said that while the inclement weather was a factor, the slower pace of growth could not entirely be attributed to the onslaught of spring snow.
The "Beast from the East" and subsequent storms effected retail sales but the impact on GDP was "generally small, with very little impact observed in other areas of the economy".
John McDonnell, Labour shadow chancellor, said: "The truth is that the last eight years of Tory economic failure has allowed our economy to be left exposed".
In the final three months of 2017, Britain recorded the slowest year-on-year growth of any major advanced economy. The economy had expanded 0.4% in the fourth quarter.
The ONS said that while the weather had some impact on the economy, especially in construction and retail, this was offset by boosts to energy supplies and online sales, meaning the overall effect was limited.
Manufacturing growth slowed to 0.2% while production increased 0.7% and energy production rose due to the below-average temperatures.
Early reactions from analysts suggest that the poor GDP number has ended any hope that the Bank of England might raise interest rates at its May meeting. Friday's data is another setback.
Nomura economist George Buckley said he expected the pound to fall further in the short term but that it might recover if business surveys for April "show signs of bouncing back" and the government clarifies its position on agreeing a post-Brexit trading relationship with the EU.
This chimes with the fact that many Eurozone countries, notably France, which also released GDP figures this morning, were similarly below expectations.
Samuel Tombs of Pantheon Macroeconomics added that the "chance of a May rate hike is now close to zero".
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Sva Plumb Wealth Mngmt Limited Liability Company stated it has 0.38% of its portfolio in Intel Corporation (NASDAQ: INTC ). News articles about Intel (NASDAQ: INTC ) have trended somewhat negative recently, according to Accern Sentiment Analysis.
Hopefully, he will be back this weekend so Bryant can get this nasty memory of a fastball to the head situation behind him. He is now using a face guard during batting practice today and Joe Maddon said that he expects him in the lineup tomorrow.
Friends of the Earth bees campaigner Emi Murphy added: "This a major victory for science, common sense and our under-threat bees". Member states including the United Kingdom have voted in favour of a wider ban on the use of neonicotinoids across the EU.
It wasn't a flawless story by any means, but I'm really glad the way it worked out", Dissly said of his position change. The Seahawks kick-off their 2018 season Sunday Sept. 9 where they face off against the Denver Broncos in Colorado.
The company may no longer be able to build products quickly and roll them out without concern for their potential negative impact. And it's put a hold on introducing some products, including a home speaker device, while it does a deeper security review.
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The 10-year Treasury is seen as a proxy for interest rates and a predictor of the long-term outlook for the United States economy. Other big technology companies also fell, as Facebook dropped 3.7 percent to $159.69 and Microsoft skidded 2.3 percent to $93.12.
Barring trades, Denver will wrap up its draft with two fourth-round picks and two fifth-round selections Saturday. It wouldn't be surprising to see the Broncos sign a college free agent cornerback following the draft as well.
Mill, who was ordered out on bail by the Pennsylvania's Supreme Court yesterday afternoon, told Holt: 'I don't feel free. Meek Mill was released from prison on Tuesday after serving five months out of a two to four year sentence.
Steph Curry remains out as Warriors eye Game 2 return
Holiday is averaging 27.8 points, 6.5 assists, and 4 rebounds per game in the playoffs while shooting a torrid 57% from the floor. The sixth-seeded New Orleans Pelicans are on the road as they face the second-seeded Golden State Warriors Saturday night.
49ers send Trent Brown to Patriots in draft-day trade
According to the NFL Network's Ian Rapoport, Brown, who is recovering from labrum surgery, passed a physical on Friday morning. Protecting quarterback Jimmy Garoppolo should be a priority, but this still feels a bit high for McGlinchey.