UK Q1 GDP final revision matches estimates, 0.4% vs 0.4% exp q/q

The Office for National Statistics (ONS) confirmed on Thursday the UK economy slowed it’s pace of growth in the first quarter of 2016, mainly dragged down by construction and industrial sector activity.

UK economy posted 0.4% growth in Q1 q/q after 0.6% in Q4 2015, coming in line with estimates of a 0.4% reading. On annualized basis, the UK Q1 final GDP showed 2.0% expansion versus 2.0% expectations.

The ONS Chief Economist Joe Grice noted, “There was very little evidence of a 'referendum effect' in the data, though the vote was not called until more than half-way through the quarter.”

Key Details:

Business investment -0.6% vs -0.5% prior q/q, On yearly basis, -0.8% vs -0.4% prior y/y

Exports -0.4% vs -0.3% prior q/q, while 2.3% vs 2.1% prior y/y

Imports 0.1% vs 0.8% prior q/q, while 1.7% vs 2.0% prior y/y