FXstreet.com (Barcelona) - Gross Domestic Product has grown somewhat below expectations in the first three months of the year, according to the final data released by National Statistics.
British economy grew at a 0.3% rate in the first quarter of the year, somewhat slower than the 0.4% growing pace previously estimated, and well below the 0.6% growth posted in the previous quarter.
Year on ear, UK GDP posted a 2.3% growth, down from the 2.5% growth released in the preliminary estimation. In the fourth quarter of 2007, GDP grew at a 2.8% year on year pace.
Services sector grew 0.3% in the first quarter, revised down from 0.5%, the slowest growing pace since 1995. Real Household disposable income has declined 1%, and the savings ratio has declined to 1.1%.