UK economy grinds to a halt

The British economy has stalled.GDP grew by just 0.1% in the first quarter of 2018 compared to the previous th...

Posted: Apr 27, 2018 12:15 PM
Updated: Apr 27, 2018 12:15 PM

The British economy has stalled.

GDP grew by just 0.1% in the first quarter of 2018 compared to the previous three months, representing the weakest expansion in more than five years.

Economists were expecting growth of 0.3%, after a 0.4% expansion in the fourth quarter of 2017.

Cold weather was partly to blame, but the Office of National Statistics said the effect of snow on retail sales and construction was "generally small" and there was very little impact on other areas of the economy.

The pound slumped in response, falling 0.7% to $1.38, as the weak data undermines the case for another rise in UK interest rates any time soon.

"The downside surprise in GDP figures is probably the final nail in the coffin for the chance of an interest rate hike in May," said Paul Hollingsworth, senior UK economist at Capital Economics.

Related: London's property market is in a coma

Growth was hit by a sharp decline in construction. The real estate industry has been hit by rises in property taxes and Brexit, with potential buyers putting their plans on hold because of the economic uncertainty.

The Royal Institution of Chartered Surveyors (RICS) said earlier this month that weakness in London's housing market had caused its UK house price indicator to hit a five-year low.

"Our initial estimate shows the UK economy growing at its slowest pace in more than five years, with weaker manufacturing growth, subdued consumer-facing industries and construction output falling significantly," said Rob Kent-Smith, a statistician at the Office for National Statistics.

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 37210

Reported Deaths: 1495
CountyConfirmedDeaths
Hennepin12048782
Ramsey4777222
Stearns231219
Dakota224890
Anoka2155107
Nobles16616
Olmsted107615
Washington104840
Mower9322
Rice8277
Scott6844
Clay58037
Kandiyohi5661
Wright4535
Blue Earth4422
Todd4002
Carver3611
Lyon3052
Sherburne3035
Freeborn2890
Steele2231
Watonwan2150
Benton2123
St. Louis17415
Martin1615
Nicollet15512
Cottonwood1340
Goodhue1278
Winona12015
Crow Wing10412
Pine1030
Chisago971
Otter Tail921
Le Sueur911
McLeod850
Carlton830
Dodge830
Unassigned8237
Polk812
Chippewa761
Isanti650
Itasca6412
Waseca620
Douglas610
Meeker591
Morrison591
Becker550
Jackson550
Faribault540
Murray540
Sibley532
Pennington510
Mille Lacs342
Brown312
Pipestone311
Wabasha310
Beltrami290
Rock290
Yellow Medicine290
Renville282
Fillmore270
Houston250
Swift211
Norman200
Wilkin203
Redwood170
Wadena150
Aitkin140
Big Stone140
Cass142
Kanabec141
Koochiching141
Marshall120
Grant100
Lincoln100
Pope100
Roseau100
Clearwater70
Mahnomen71
Lake60
Hubbard50
Traverse50
Lac qui Parle40
Stevens40
Red Lake30
Kittson20
Cook10
Lake of the Woods00

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 30173

Reported Deaths: 718
CountyConfirmedDeaths
Polk6275178
Woodbury320144
Black Hawk218058
Buena Vista170511
Linn123882
Johnson12318
Dallas122329
Marshall103519
Story7463
Pottawattamie71911
Scott70410
Wapello70230
Crawford6752
Muscatine62444
Dubuque60922
Sioux4610
Tama45829
Wright3771
Louisa36013
Jasper32117
Plymouth3134
Dickinson2592
Warren2581
Washington2349
Hamilton1871
Webster1702
Boone1421
Cerro Gordo1381
Clarke1272
Clay1270
Allamakee1264
Mahaska11517
Shelby1110
Clinton1041
Poweshiek1048
Pocahontas931
Carroll911
Bremer906
Des Moines862
Henry853
Franklin840
Cedar801
Taylor790
Emmet780
Cherokee751
Monona740
Floyd682
Marion680
Hardin650
Guthrie644
Sac630
Benton621
Jefferson580
Osceola580
Jones560
Harrison530
Humboldt531
Butler522
Buchanan511
Iowa510
Lee502
Monroe506
Hancock490
Calhoun482
Delaware481
Lyon400
Madison402
Clayton393
Davis391
Mills360
Palo Alto360
Winneshiek360
Grundy350
Fayette340
Mitchell340
Kossuth330
Lucas304
Greene280
Howard280
Chickasaw270
Jackson270
Union270
Winnebago270
Ida230
Cass210
Appanoose203
Keokuk201
Page200
Van Buren190
Audubon161
Adair150
Ringgold150
Worth150
Decatur110
Montgomery102
Wayne90
Adams80
Fremont70
Unassigned70
Rochester
Few Clouds
86° wxIcon
Hi: 88° Lo: 67°
Feels Like: 88°
Mason City
Scattered Clouds
87° wxIcon
Hi: 89° Lo: 67°
Feels Like: 88°
Albert Lea
Scattered Clouds
86° wxIcon
Hi: 88° Lo: 69°
Feels Like: 87°
Austin
Broken Clouds
86° wxIcon
Hi: 89° Lo: 68°
Feels Like: 88°
Charles City
Few Clouds
86° wxIcon
Hi: 88° Lo: 68°
Feels Like: 87°
HOT AND HUMID
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Minnesota baseball players get a sense of normalcy

Image

Sean's 10pm Weather 7/2

Image

Mask Mandate in Cerro Gordo County

Image

Raising Kids to be Tolerant

Image

Student Athlete Speaks Out About Racist Comments

Image

Volunteer of the Month

Image

June Jobs Report Shows Promise

Image

Intermittent Fasting may slow aging process

Image

Extra enforcement to keep boaters safe and sober

Image

All State Award for local VFW

Community Events