U.K. GDP rises 0.8% in Q1 but misses forecasts

|By:, SA News Editor

U.K. GDP growth strengthened to 0.8% on quarter in Q1 from 0.7% in Q4 but missed forecasts of 0.9%.

On year, GDP rose at its fastest rate in six years, climbing 3.1% vs +2.7% previously and expectations of +3.2%.

GDP is still 0.6% below its peak in Q1 2008.

Output increased on quarter in three out of the four main industrial groupings in the economy, with services +0.9%, production +0.8% and construction +0.3%. However, agriculture fell 0.7%.

The pound dives vs the dollar and is flat at $1.6804, while the FTSE 100 is +0.5%. (PR)