Sterling falls as UK GDP growth confirmed at 0.2% for Q1

Savings rate hits record low

Sterling has fallen in morning trading after the Office for National Statistics (ONS) confirmed the UK economy grew by 0.2% in the first three months of the year, down from 0.7% the previous quarter.

The ONS said GDP expanded by just 0.2% between January, unchanged from their previous estimates and lower than the 0.7% from the three previous months. Goods prices largely boosted by services and construction however, were offset by weaker retail sales. Furthermore, unemployment rate have reached a record high of 74.8% and reates of unemployment duration are at their long term averages. Economists upbeat despite UK GDP drop in Q1: 'This is a cooling not a collapse' ONS head of GDP Darren Morgan said: "GDP growth for the first 3 months of 2017 remained unrevised at 0.2%. Growth ...