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The Office for National Statistics (ONS) released its revised gross domestic product (GDP) data on Thursday. The revised U.K. GDP expanded at 0.3% in the first quarter, missing expectations for a 0.4 gain, after a 0.5% rise in the fourth quarter. It was the slowest pace since the fourth quarter of 2012.
On a yearly basis, the revised U.K. GDP rose 2.4% in the first quarter, missing forecasts of a 2.5% increase, after a 3.0% gain in the fourth quarter.
The service sector climbed 0.5% in the first quarter, the construction sector dropped 1.6%, and the production sector was down 0.1%, while agriculture sector decreased 0.2%.
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