Global| Apr 22 2005UK GDP Slows in Q1; 4-Quarter Growth Lowest since Q4 2003
Summary
GDP growth in the UK edged lower in Q1 to 0.6% from 0.7% in Q4. We indicated this possibility yesterday in discussing retail sales, which fell outright in March. The four-quarter performance thus stood at 2.8%, the slowest since Q4 [...]
GDP growth in the UK edged lower in Q1 to 0.6% from 0.7% in Q4. We indicated this possibility yesterday in discussing retail sales, which fell outright in March. The four-quarter performance thus stood at 2.8%, the slowest since Q4 2003.
All the major industry sectors participated in the weakening. The overall distribution sector, which includes retail and other trade, as well as hotels, restaurants and repair services, declined 0.1% after gaining 0.2% in Q4. Total services increased 0.8%, marginally less than in Q4. Industrial output also declined 0.1%, the same as in Q4; this sector is now down from a year ago, by 0.2%. Construction activity grew 0.6%, compared to the prior period's 1.1%, and the agricultural sector lost 0.8% after increasing 0.9% in Q4.
| United Kingdom % Changes, Seasonally Adjusted |
Q1 2005 | Q4 2004 | Year Ago | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total GDP | 0.6 | 0.7 | 2.8 | 3.1 | 2.2 | 1.8 |
| Industry | -0.1 | -0.1 | -0.2 | 0.4 | -0.1 | -2.5 |
| Services | 0.8 | 0.8 | 3.6 | 4.1 | 2.5 | 2.7 |
| Distribution, etc. | -0.1 | 0.2 | 2.2 | 5.1 | 3.0 | 4.7 |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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