Second Estimate UK Q1 2016 GDP: 0.4% vs 0.4% exp q/q

The second estimate of Britain’s GDP data confirmed that the UK’s economic recovery lost steam in the first quarter, mainly in response to an unexpected contraction in business investment. While deterioration in the production and construction sector activity also down on the overall growth.

The Office of National Statistics (ONS) noted on Thursday, the UK economy grew 0.4% in the first quarter, slower than the 0.6% pace in Q4 2015, the same as the first estimate showed in April.

On annualized basis, UK’s GDP expanded 2%, which was revised down from last month’s first reading of 2.1%.