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25/05/2006
UK consumer spending slows in Q1
Consumer spending has slowed in the UK in the first quarter, but overall this was evened out by increased activity in the manufacturing sector, as the level of UK performance reached the expected 2.2% figure for the year.
The latest figures from the Office for National Statistics revealed that the UK's Gross Domestic Product grew at 0.6% in the first quarter of the year, with the service sector accounting for almost three-quarters of this figure.
However, the consumer sector showed a sharp slowdown in the first three months and household expenditure grew by just 0.2% in the period January to March.
This was countered by the manufacturing sector which showed a 0.7% increase, which is the strongest growth recorded since the third quarter of 1999. Much of this increased manufacturing output was destined for the export market and this was reflected in a 4.7% growth in exports as the global economy picked up.
However, imports increased by 5.5%, a figure that the ONS said had raised the trade deficit and "acted as a drag on GDP in the first quarter."
Compensation of employees, measured at current prices, rose by 1.2% and is now 4.5% above the level seen in the first quarter of 2004.
(SP/KMcA)
The latest figures from the Office for National Statistics revealed that the UK's Gross Domestic Product grew at 0.6% in the first quarter of the year, with the service sector accounting for almost three-quarters of this figure.
However, the consumer sector showed a sharp slowdown in the first three months and household expenditure grew by just 0.2% in the period January to March.
This was countered by the manufacturing sector which showed a 0.7% increase, which is the strongest growth recorded since the third quarter of 1999. Much of this increased manufacturing output was destined for the export market and this was reflected in a 4.7% growth in exports as the global economy picked up.
However, imports increased by 5.5%, a figure that the ONS said had raised the trade deficit and "acted as a drag on GDP in the first quarter."
Compensation of employees, measured at current prices, rose by 1.2% and is now 4.5% above the level seen in the first quarter of 2004.
(SP/KMcA)
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