27 April 2001, 12:45 UK Q1 preliminary GDP up 0.3 pct from Q4; up 2.5 yr-on-yr
LONDON (AFX) - UK GDP -- at constant 1995 market prices -- rose 0.3
pct in the first quarter compared to the previous quarter, leaving it
2.5 pct higher year-on-year, according to preliminary estimates
released by National Statistics.
NS said the effects of foot and mouth in the first quarter of 2001
have been minimal.
The AFX News median of analysts' forecasts was for GDP to have
risen 0.4 pct quarter-on-quarter and 2.6 pct year-on-year.
Fourth quarter GDP was up 0.4 pct quarter-on-quarter and 2.6 pct
year-on-year.
Output of the service industries is estimated to have grown 0.7 pct
on the quarter compared with a 0.7 pct rise in the previous quarter,
leaving output of the sector up 3.6 pct year-on-year.
NS noted that output of the distribution, hotel and catering sector
rose 0.4 pct on the quarter for a 3.5 pct year-on-year increase.
It added that there was modest growth in the communications
industries, while the growth rate in 'computing and other business
activities' was strong.
The transport sector also grew modestly in the first quarter.
Output of the production industries is estimated to have decreased
in the latest quarter, arising from falls in manufacturing and mineral
extraction, including oil and gas.
The energy supply industries however grew in the first quarter.
Within manufacturing, output in the high tech industries which had
provided growth previously are now showing falls. Output in the
electrical and optical equipment sector is estimated to decline on the
quarter for the first time since the second quarter of 1992, led by
falls in the optical networking and mobile phones industries.
NS estimated that output of the construction sector fell on the
quarter.
Output of the agriculture, forestry and fishery sector is estimated
to have grown from the last quarter - mainly due to an increase in
agricultural production.
The key driver in this sector was higher milk production.
The estimated growth in the first quarter follows a sharp decline
in the last quarter of 2000.
Growth in the central government sector was lower than in the
previous quarter.
© 1999-2024 Forex EuroClub
All rights reserved