Slowdown in UK growth revealed

News Article - 21 May 2012
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Productivity growth in Britain slowed over the first quarter of 2008, down from 1.6 per cent annual growth during the last three months of 2007 to just 0.6 per cent.

Official data reveals that UK quarter-on-quarter growth was 0.3 per cent during the first three months of this year, half of the 0.6 per cent figure published for the fourth quarter of last year.

The Office for National Statistics (ONS) has reported that Britain's service sector registered 0.8 per cent growth during April this year, down from 1.9 per cent the previous quarter, while manufacturing output rose slightly from 2.1 per cent the previous quarter to 2.6 per cent.

Businesses concerned about slowing UK growth can implement accounting software to help them to weather the current economic downturn.

The ONS found that productivity in the UK fell by 0.1 per cent quarter-on-quarter during the first three months of 2008, reflecting slowing economic growth.

Evidence that Britain's economy is slowing is increasing, with the Bank of England stating that mortgage approvals for house purchase slipped from 58,000 in April to 42,000 in May this year.

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