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GDP Growth Remains Weak

UK economy growth economic 725 x 500.jpg

The ONS has reported that the UK's economic growth was 0.2% for the three months to January; the same rate seen in quarter four (Oct to Dec) 2018.

  • UK gross domestic product (GDP) grew by 0.2% in the three months to January 2019
  • The services sector was the main driver of GDP growth, while the production and construction sectors contracted
  • Rolling three-month growth was 0.2% in the three months to January 2019
  • GDP grew by 0.5% in January 2019
  • The services sector grew by 0.5% in the three months to January 2019
  • Rolling three-month production growth fell, driven by manufacturing, despite both increasing on the month
  • Monthly growth in construction bounced back in January 2019 after negative growth in December 2018

Commenting on the figures, Head of GDP Rob Kent-Smith said:

“Across the latest three months, growth remained weak with falls in manufacture of metal products, cars and construction repair work all dampening economic growth. These were offset by strong performances in wholesale, IT and health services.

“This sluggish growth came despite the economy bouncing back from a weak December."

Source : Insight DIY Team and ONS

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12 March 2019

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