Initial figures show slower than expected growth

First quarter figures today show that the United Kingdom’s economic output fell below expectations to 0.3%.

Figures from the Office for National Statistics (ONS) revealed a slowest quarterly growth in gross domestic product (GDP) in more than two years, while the 0.3% figure was also half that of the previous quarter’s growth.

While the service sector grew at a rate of 0.5%, that was countered by a decline of 1.6% in the construction industry – although a year-on-year expansion of 2.4% means that the UK remains the fastest growing economy of the G7 countries.

The figures nevertheless serves as something of a blow to the former coalition parties, who have used the economic recovery as a lynchpin of their election campaigns.