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British GDP growth in Q1 slows to 0.3 pct

Xinhua, April 28, 2015 Adjust font size:

British gross domestic product (GDP) was estimated to have increased by only 0.3 percent in the first quarter (Q1) of 2015 compared with growth of 0.6 percent in the fourth quarter of 2014, marking the slowest quarterly growth in two years, announced the Office for National Statistics (ONS) Tuesday.

Nonetheless, the country's GDP was still 2.4 percent higher in Q1 2015 compared with same quarter a year earlier, data showed.

The service industry's output increased by 0.5 percent in the first quarter. However, the other three industrial groups' growth dwindled, with construction slipping by 1.6 percent, production by 0.1 percent and agricultural by 0.2 percent, said ONS.

In the first quarter, Britain's GDP was estimated to have been 4.0 percent higher than the pre-economic downturn peak of Q1 2008, figures showed.

George Osborne, British Chancellor of Exchequer, said via his Twitter account:" Good news. Economy continues to grow but this is a critical moment and reminder you can't take recovery for granted."

It was the first Q1 estimate of Britain's GDP. The ONS will release two revised estimates at the end of the next two months respectively. Endit