UK first quarter growth unchanged

UK, May 23 – The UK's economy grew at 0.3% in the first three months of the year, official figures have confirmed.

 

The figure from the Office for National Statistics is unchanged from the initial estimate it gave in April.

 

It confirms the UK avoided falling into a triple-dip recession, and suggests signs of recovery in the economy.

 

On Wednesday the International Monetary Fund (IMF) urged the government to do more to stimulate growth as well as continuing austerity measures.

 

It reflects concerns that UK economic growth has been persistently weak since it first fell into recession following the financial crisis in 2008.

 

In its commentary accompanying the revised figures, the ONS said GDP growth has been slowed by weakness in the domestic and global markets.

 

It said the services sector, which accounts for around three quarters of the economy, has continued to grow steadily and is now above its pre-recession levels.

 

But it said increased inflation and slower wage growth was hurting people's ability to spend.

 

Meanwhile, the construction sector has continued to struggle. It has been seen as a significant drag on economic growth in recent years.BBC