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The Office for National Statistics released its U.K. GDP data on Tuesday. The preliminary U.K. gross domestic product (GDP) climbed 0.3% in the first quarter, missing expectations for a 0.7% gain, after a 0.6% rise in the fourth quarter. It was the slowest pace since the fourth quarter of 2012.
The slow pace of the growth was driven by weak output in the construction, industrial, and services sectors. Construction fell 1.6% in the first quarter, production declined 0.1%, while services rose 0.5%.
On a yearly basis, the preliminary U.K. GDP increased 2.4% in the first quarter, missing forecasts of a 2.8 rise, after a 3.0% gain in the fourth quarter.
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