27 April 2001, 14:07 UK's Brown says Q1 GDP growth hit by oil/gas sector volatility
LONDON (AFX) - UK Chancellor of the Exchequer Gordon Brown said
first quarter GDP growth was affected by price falls in the oil and gas
sector.
"As in the fourth quarter 2000, the preliminary estimate for the
first quarter is affected by the falls in the volatile oil and gas
sector," Brown said following release of the data.
Also, speaking ahead of the weekend G7 meeting in Washington, Brown
said: "In the face of global instability, British economic policy is
much better placed than it has been in the past, and we are on course
to continue to deliver stability and sustained growth."
Preliminary first quarter GDP rose 0.3 pct from the previous
quarter and 2.5 pct year-on-year, compared with estimates of 0.4 pct
and 2.6 pct.
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