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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. |
The ONS said household spending fell by 0.6% in real terms, its biggest fall since the second quarter of 2009 | |
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. |