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Economy Struggles to Get Growth Pace

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Sovereigns Parade by .
Prime Minister Theresa May represents as Her Majesty the Queen, taking part in the Sovereigns Parade held at the Royal Military Academy Sandhurst. The Sovereign's Parade at the end of each term marks the passing out from Sandhurst of Officer Cadets who have completed the Commissioning Course and is the result of many hours of hard work. It is the grandest day in the Sandhurst calendar as friends, family and VIPs gather before Old College Square to watch the cadets take part in their final challenge.

Office for National Statistics reveals UK economy grows by only 0.3% at the start of this year….reports Asian Lite News

Sovereigns Parade by .
Prime Minister Theresa May at the Royal Military Academy Sandhurst.

The UK economy grew by just 0.3 per cent at the start of this year, the slowest growth rate since the first three months of 2016, according to official figures.

The Office for National Statistics (ONS) said that the slower pace in the January-March period was mainly due to the service sector, which also grew by 0.3 per cent against 0.8 per cent at the end of 2016, the BBC reported.

In the last quarter of 2016, gross domestic product increased by 0.7 per cent.

Friday’s figure is a first estimate and could be revised in the coming months.

Economists had been expecting GDP growth to slow as consumers tightened their belts in the face of rising inflation, but they had pencilled in a higher figure of 0.4 per cent.

The ONS said: “There were falls in several important consumer-focused industries, such as retail sales and accommodation; this was due in part to prices increasing more than spending.”