FXstreet.com (Barcelona) - UK GDP growth has slowed down in the first three months of the year, from the last quarter of the previous year, weighed by declines in the output of production industries and declines on energy extraction and supply, according to the latest figures by National Statistics.
Gross Domestic Product has increased at a 2.5% pace in the first quarter 2008, down from the 2.8% growth posted in the last quarter in 2007. On the quarter, GDP increased 0.4%, down from the 0.6% in the previous quarter.
Output of production industries has fallen 0.2% on the quarter, while it grew 0.2% on the previous quarter, although manufacturing output posted a 0.3% increase it was well offset by sharp declines in energy extraction and supply.
Services sector's activity increased 0.5% on the quarter, down from 0.7% in the previous quarter, and household expenditure increased 1.3% on the quarter, from a 0.1% increase in the previous quarter.