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Slowdown in UK economic growth: Thinktank

07 August 2014 03:09 (UTC +04:00)

Baku-APA.The UK economy grew by 0.6 percent in the three months to the end of July, the slowest pace in a year, according to figures released Wednesday by the National Institute of Economic and Social Research (NIESR), APA reports quoting Xinhua.

The figure represents a 0.2 percentage point fall on the previous rolling three-month period between April and June released by NIESR last month.

NIESR produced its estimate after the Office for National Statistics released figures showing the manufacturing sector is performing well behind the service sector.

James Warren, research fellow at NIESR and co-author of the forecast, told Xinhua:“The main reason why this forecast is a little bit lower this time is partly because of construction data being weak, but it is also a statistical artifice.”

“The April number was particularly strong and that has now fallen out of our quarterly average and gone into the preceding one,” said Warren.

NIESR forecast UK growth of 3 percent this year in its quarterly forecast released Tuesday.

“Our viewpoint even for this quarter is broadly in line with 3 percent growth,” said Warren.

“We still have very positive data, this is just a statistical blip. It's very much because the April data was very strong.”