UK economy grows 0.8% in first quarter of the year, but construction posts just 0.3% growth after being hit by bad weather
The UK economy grew 0.8% in the first quarter of the year, the latest official figures have shown, although construction underperformed with just 0.3% growth after being hit by flooding and winter storms.
The Office for National Statistics (ONS) preliminary output figures showed GDP grew 0.8% in the first three months of the year, when compared with the final quarter of 2013, which is marginally up on the 0.7% growth posted the previous quarter.
The figures mean output is now 3.1% higher than Q1 2014, but the economy is still 0.6% below its Q1 2008 peak. From peak to trough in 2009, the economy shrank by 7.2%.
The figures showed output increased in three of the four main industrial groupings, when comparing Q1 2014 with Q4 2013, with output increasing by 0.9% in services, 0.8% in production and 0.3% in construction.
However, output decreased by 0.7% in agriculture.
The ONS said there was 鈥渟ome evidence to suggest construction output was affected by the storms and high rainfall in January and February鈥�.
But it said that over the quarter, the bad winter weather did not have 鈥渁 significant impact on GDP growth鈥�.
ONS chief economist Joe Grice said: 鈥淭his is the fifth consecutive quarter of steady growth.m Overall, the economy is now only 0.6% below the pre-recession peak at the beginning of 2008. In fact, services are now 2% above the pre-recession peak but the mproduction and construction sectors are still around 12% lower.鈥�
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