The UK economy shrank by 0.3% in the first quarter, the final official reading has confirmed.
Data from the Office for National Statistics (ONS) left the fall in UK GDP unrevised from the previous estimate. The fall was in line with estimates, and means the UK is officially back in recession following a 0.3% decline in Q4. The main cause of the decline in Q1 was down to the manufacturing and production industries. Output of the production industries fell 0.5%, while manufacturing output shrank by 0.3%, a worrying sign given the coalition government's plans to grow the economy out of recession by re-builidng the UK's manufacturing industry. The fall in GDP comes against ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes