Consumer price squeeze hits GDP
UK GDP growth has been revised down to 0.2 per cent for the first quarter of 2017, an even worse performance than was projected.
The change is attributed to a sharp slowdown in the services sector, linked to prices and the fall of the pound. As the ONS explains:
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“UK GDP growth slowed to 0.2 per cent in Quarter 1 2017 as consumer facing industries such as retail and accommodation fell and household spending slowed. This was partly due to rising prices.Construction and manufacturing also showed little growth, while business services & finance continued to grow strongly.”