UK economy going through 'soft patch' as Q1 GDP growth revised down to 0.2%

Revised from 0.3% to 0.2%

The UK's economy grew more slowly than originally estimated in the first three months of the year, according to the Office for National Statistics (ONS).

The ONS said GDP expanded by just 0.2% between January and March, below their first estimate of 0.3% and the country's weakest growth in 12 months. The downgrade was largely due to weakness in the services sector, which accounts for almost 80% of economic output in the UK, rising just 0.2%, down from its initial estimate of 0.3% and its slowest since 2015. Economists upbeat despite UK GDP drop in Q1: 'This is a cooling not a collapse' According to the Financial Times, economic momentum in the UK is widely forecasted to slow as consumers begin to be affected by higher inflation afte...