Comments & Features
Q1 GDP growth lower than believed
By Mark Roberts
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Posted 27 June 2008 @ 10:25 am GMT
The Office for National Statistics (ONS) has released new data that suggests the economy slowed down more than at first believed in the first quarter of the year.
A hotel restaurant waiter is seen in a publicity photo. REUTERS/Vismedia
Maturing mobile phone market growth to slowThe ONS said that it had revised its figure for GDP growth in the first quarter from 0.4 per cent down to 0.3 per cent, the lowest rate of growth in three years. The annual rate of GDP growth was revised from 2.5 per cent to 2.3 per cent.
The ONS said that consumption was still relatively strong despite real disposable income dropping at its fastest rate since 1999.
In other figures the ONS said that Britain's balance of payments in the first quarter were in a deficit of £8.4 billion, down from £12.2 billion in the final quarter of 2007.
This article is copyrighted by the International Business Times.
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