UK Q1 2017 final GDP at 0.2% q/q versus 0.2% expected

The UK GDP third estimate confirmed that the pace of growth in the UK economy slowed in the first quarter of this year.

The report showed that the GDP figures came in at 0.2% q/q in the first quarter of 2017, weaker than 0.7% booked in the fourth quarter, although came in line with missing expectations of a 0.2% reading.

While on an annualized basis, the growth rate stood unchanged at +2% in Q1, meeting consensus forecasts.

Key Headlines from ONS:

Growth was driven by output from the business services and finance, and construction industries, partially offset by declines in some consumer-focused industries.

Separately, the UK current deficit widened less-than expectations, increasing by GBP -16.89 billion versus an increase of GBP -17.25 billion expected and GBP -12.09 billion last.