UK economy grows shaky 0.3% in Q1
Source: Agencies |
May 26, 2010, Wednesday
|
Print Edition
Print Edition
BRITAIN'S economy grew by 0.3 percent in the first quarter of the year, extending a shaky recovery for the second three months, statisticians reported yesterday.
Analysts said continued growth is likely to be restrained by the new coalition government's determination to curb spending to attack Britain's recording budget deficit.
The gross domestic product rise in the first three months of the year was below the 0.4 percent gain in the fourth quarter when the British economy broke out of a prolonged slump.
Yesterday's figure on GDP growth in the first quarter was a bit better than the estimate of 0.2 percent in April.
"While the upturn should gradually become more firmly established during 2011, the upside for growth will be constrained by the substantial tightening of fiscal policy that is needed for an extended period to rein in the dismal public finances," said Howard Archer, economist at IHS Global Insight.
First-quarter growth reflected an increased output of 0.2 percent in the dominant services sector and a 1.2 percent jump in output of manufacturing and other production industries. Construction output dropped half a percent. Pay for employees rose 1.2 percent in the first quarter.
Analysts said continued growth is likely to be restrained by the new coalition government's determination to curb spending to attack Britain's recording budget deficit.
The gross domestic product rise in the first three months of the year was below the 0.4 percent gain in the fourth quarter when the British economy broke out of a prolonged slump.
Yesterday's figure on GDP growth in the first quarter was a bit better than the estimate of 0.2 percent in April.
"While the upturn should gradually become more firmly established during 2011, the upside for growth will be constrained by the substantial tightening of fiscal policy that is needed for an extended period to rein in the dismal public finances," said Howard Archer, economist at IHS Global Insight.
First-quarter growth reflected an increased output of 0.2 percent in the dominant services sector and a 1.2 percent jump in output of manufacturing and other production industries. Construction output dropped half a percent. Pay for employees rose 1.2 percent in the first quarter.
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