UK Q1 economic growth figures remain unchanged

The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.3% in the January to March period – unchanged from the previously estimated figure, but marginally higher than the first estimate of 0.2%.

Analysts had expected GDP to remain unchanged in the first quarter but many economists believe that economic growth will fall back over the latter half of the year as austerity measures kick in – introduced to deal with Britain’s record deficit of £155 billion.

Today’s figures from the ONS were due to be released last month but due to a “potential error”, the data was delayed.

According to the ONS, the unusual move was caused by concerns over the reliability of some of the data.

Meanwhile, influential think tank, the National Institute of Economic and Social Research (NIESR), said last week the UK economy expanded by 0.7% in the three months to the end of June.

The ONS will publish GDP figures for the second quarter on 23 July.

Gross Domestic Product (GDP), a key measure of economic growth, is closely watched by economists as an indication of the health of the economy.

Following the announcement sterling fell against the dollar to the day’s low of $1.4949.

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