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UK GDP expands as estimated in Q1

Staff Writer |
The UK economy expanded as estimated in the first quarter, third estimate from the Office for National Statistics showed Friday.

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Gross domestic product climbed 0.2% sequentially in the first quarter, unrevised from the previous estimate published on May 25.

However, growth eased notably from 0.7% in the fourth quarter.

Year-on-year, GDP grew 2%, in line with the previous estimate.

Another data from ONS showed that the current account deficit widened to GBP16.9 billion from GBP12.1 billion in the fourth quarter, predominantly to a widening in the deficit on trade.

Business investment grew 0.6% sequentially to GBP43.7 billion in the first quarter, unchanged from the provisional estimate.

Services output increased 0.2% in April from March, the statistical ofice said in a separate communique.

In three months to April, services output climbed 0.2% compared with the previous three months ending January.