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UK GDP fell 1.6% in Q1

UK GDP fell 1.6% in Q1
The UK economy contracted slightly more than initially expected in the first quarter due to the reintroduction of restrictions, revised data from the Office for National Statistics released on Wednesday.
The gross domestic product fell 1.6% instead of the projected 1.5%. In the fourth quarter of 2020, GDP grew by 1.3%.

At the end of 2019, the GDP level was 8.8% lower than before the pandemic. On an annualized basis, the economy contracted 6.1%.

In the first quarter, productivity fell 2.1%. The volume of production decreased by 0.5%, mainly due to a decrease in production in the manufacturing industry by 1.0%.
UK GDP fell 1.6% in Q1

UK GDP fell 1.6% in Q1

In the first quarter, mining operations fell 3.2%, revised downward. The supply of electricity, gas, steam and air conditioning increased by 2.5%.

Construction volume increased 2.3% but was still 3.7% lower than before the pandemic.
The breakdown of GDP showed that household spending fell 4.6% while government consumption rose a revised 1.5%.
Gross fixed capital formation fell 1.7% due to a sharp decline in transport equipment. Business investment declined 10.7% in the first quarter and was revised up 1.2% from the first estimate.

The trade balance improved in the first quarter, recording a deficit of 0.1% of nominal GDP.
In addition, the current account deficit narrowed sharply to 12.83 billion from £ 26.28 billion in the fourth quarter.

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