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UK economy grew 0.5% in first quarter of 2011 UK economy grew 0.5% in first quarter of 2011
(40 minutes later)
The UK economy grew by 0.5% in the first three months of the year, official figures have confirmed.The UK economy grew by 0.5% in the first three months of the year, official figures have confirmed.
The figures were the Office for National Statistics' (ONS) second look at the GDP data, which were first published last month.The figures were the Office for National Statistics' (ONS) second look at the GDP data, which were first published last month.
Although the manufacturing and service sectors had performed well, the ONS said construction continued to suffer. The ONS said household spending fell by 0.6% in real terms, its biggest fall since the second quarter of 2009
The growth during the first quarter followed a contraction in GDP of 0.5% in the final three months of 2010. The first quarter growth followed a contraction in GDP of 0.5% in the final three months of 2010.
There was some positive news for the government in its attempt to rebalance the economy to become less reliant on imports.
Britain's trade deficit decreased to £5.7bn in the quarter, from £11.5bn the previous year, as exports increased and imports decreased.
This was its biggest upwards contribution to growth from net trade since records began in 1955.
But the latest ONS figures showed that business investment declined 7.1% quarter-on-quarter, in its biggest fall for two years.