UK economy slows
25/04/2008
According to figures from the Office for National Statistics (ONS), both the production and service industries saw a slowdown in comparison to the fourth quarter of 2007.
Total production output decreased by 0.1 per cent in the first three months of the year, compared with 0.2 per cent growth in the fourth quarter, mostly due to a fall in mining and quarrying production.
Manufacturing growth strengthened, while electricity, gas and water fell by 1.2 per cent compared with growth of 2.8 per cent in the previous quarter.
The business services and finance sector slowed overall services growth to 0.6 per cent compared to 0.7 per cent last quarter.
The economic slowdown is also reflected in a lower demand for manufactured goods, reflected in a report from the Confederation of British Industry (CBI) yesterday.
