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British economy expands 2.1 percent yoy in Q1

Staff writer |
The UK GDP advanced 2.1 percent year-on-year in the first three months of 2016, the same as in the previous period.

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This is the lowest performance in three years as industrial output grew only slightly and construction fell while the services sector boosted the expansion.

Among services, distribution, hotels and restaurants increased 4.9 percent, transport, storage and communication grew 4.1 percent, business services and finance went up 2.1 percent and government and other services expanded 1.6 percent.

Agriculture output grew 1.1 percent while industrial production went up a meager 0.1 percent and construction declined 1.7 percent.

On a quarterly basis, the economy advanced 0.4 percent, slowing from a 0.6 percent expansion in the previous quarter but matching market forecasts.