UK economy slows down in Q1 with growth of only 0.1 percent


LONDON (AP) – Official figures show that the British economy slowed sharply in the first quarter of the year, growing by only 0.1 percent from the previous three-month period.

The outcome released by the Office for National Statistics on Friday was worse than expected and largely due to a big decline in construction output.

Growth was also at its lowest since the fourth quarter of 2012.

The agency said the effects from the cold and snowy weather conditions during the quarter were “generally small.”

The slowdown is likely to raise concerns about the state of the economy less than a year away from the country’s exit from the European Union, and dampen expectations that the Bank of England will raise interest rates again next month.