Home Business News UK economic growth confirmed at 0.2% in first quarter

UK economic growth confirmed at 0.2% in first quarter

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The UK economy grew by 0.2% in the first three months of the year, official figures have confirmed.The latest growth estimate from the Office for National Statistics was unrevised but confirmed the slowdown from the 0.7% rate seen in the final quarter of last year.Growth in the business services and finance sectors helped to offset slower consumer spending, the ONS said.New data also showed that the household savings ratio hit a record low.The savings ratio fell to 1.7% between January and March. Darren Morgan, head of GDP at the ONS, said: “The saving ratio has fallen again this quarter to a new record low, partly as a result of higher tax payments reducing disposable income.”Some of the fall could be as a result of the timing of those payments, but the underlying trend is for a continued fall in the saving ratio.”
Source: BBC