FXstreet.com (Barcelona) - United Kingdom's gross domestic product has grown in the first quarter of the year at the slowest pace of the last three years, due to declines in the main sector's output, according to preliminary estimates by National Statistics.
From January to March, gross domestic product has increased at a 0.4% pace, from the last quarter of the previous year, down from the 0.6% growth posted in the aforementioned quarter. Year on year, UK GDP increased 2.5%, down from the 2.8% yearly increase posted in the previous quarter.
The decline has been widespread among economic sectors, as the dominant services sector's output growth eased to 0.6% in the Q1, from 0.7% and 0.9% in the previous quarters. Output of production industries has declined to a -0.1% decrease in the Q1, down from the 0.2% rise in the Q4 last year. Mining and quarrying decreased 5.2% and Manufacturing output grew 0.5%.