UK posts lowest GDP growth in nearly two years

UK posts lowest GDP growth in nearly two years

The UK National Statistics Office said that the country's GDP (Gross Domestic Product) grew 0.5% in the first quarter of 2005 compared to 0.7% growth in the previous quarter. A 0.7% fall in manufacturing output coupled with declines of 1.4% decline in energy supply and 0.6% in energy extraction pushed the UK's economic growth to its lowest since the second quarter of 2003. A 0.8% rise in the service sector and a 0.6% increase in construction output fuelled the first quarter economic growth.