The UK economy grew by 0.5 percent on quarter in the first three months of 2019, accelerating from a 0.2 percent expansion in the previous period and matching market expectations, a preliminary estimate has showed
LONDON, (Pakistan Point News - 11th May, 2019) The UK economy grew by 0.5 percent on quarter in the first three months of 2019, accelerating from a 0.2 percent expansion in the previous period and matching market expectations, a preliminary estimate has showed.
Private consumption, government spending and gross capital formation contributed positively, while net trade contributed negatively to GDP growth.
Household consumption growth accelerated to 0.7 percent in the first three months of 2019 from 0.3 percent in the previous quarter. However, external evidence points towards continued weakness in consumer demand, as "uncertainty about Brexit and the wider economy weighed on spending", according to the latest Bank of England Agents’ Summary of business Conditions, while the GfK Consumer Confidence index remained unchanged at negative 13 in March 2019, below its long-run average.
Government expenditure increased by 1.4 percent, following growth of 1.3 percent in Q4 2018, boosted by spending on a number of areas including health and other functions of central government, such as general public services and economic affairs.
