UK Q1 2017 prelim GDP grows at the slowest rate since Q1 2016

The UK GDP first estimate revealed that the pace of growth in the UK economy slowed more-than expected in the first quarter of this year.

The report showed that the GDP figures came in at 0.3% q/q in the first quarter of 2017, weaker than 0.7% booked in the fourth quarter, missing expectations of a 0.4% reading.

While on an annualized basis, the growth rate stood at +2.1% in Q1, when compared to forecasts of +2.2% and 1.9% previous.

Key Headlines from ONS:

Slower growth in Quarter 1 2017 was mainly due to services, which grew by 0.3% compared with growth of 0.8% in Quarter 4 (Oct to Dec) 2016.