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April 25, 2008 - Forex Economic News

UK GDP grows by 0.4 percent in 1st Quarter.

The U.K. Gross Domestic Product grew 0.4 percent in the first quarter of 2008 according to a report released by the Office of National Statistics today. The U.K. GDP grew at an annual rate of 2.5 percent over last year's first quarter which was below the fourth quarter 2007 growth of 2.8 percent and the lowest annual growth rate since 2005. Total production output and total services output both declined in the first quarter by 0.1 percent and 0.6 percent, respectively. The business and financial services sector, being hit by the global credit crunch, showed a 0.4 percent rise in the first quarter after a 0.6 percent increase in the prior quarter.

Tags: uk gdp, office of national statistics

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