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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 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. | 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. | There was some positive news for the government in its attempt to rebalance the economy to become less reliant on imports. |
| href="http://www.statistics.gov.uk/cci/nugget.asp?id=192" >The ONS figures showed that 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. | 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. | But the latest ONS figures showed that business investment declined 7.1% quarter-on-quarter, in its biggest fall for two years. |
| The EEF engineering employers group said that the 1.1% growth in manufacturing activity during the quarter confirmed that a rebalancing of the economy was slowly taking hold. | |
| But EEF chief economist Lee Hopley added: "We've yet to see the positive intentions on capital spending seen in business surveys feed into growth into investment which remains a concern. | |
| "This will be vital to offset diminishing contributions from government spending and sluggish household demand." |