Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Bad weather cut GDP growth to +0.2 percent in first quarter - NIESR estimate

Published 11/04/2018, 12:37
Updated 11/04/2018, 12:37
© Reuters. A walker crosses a snow-covered Clapham Common in London

LONDON (Reuters) - Heavy snow in late February and early March is likely to have caused British economic growth to halve in the first three months of the year to 0.2 percent, the National Institute of Economic and Social Research (NIESR) said on Wednesday.

Official figures showed the economy grew 0.4 percent in the last three months of 2017. February factory and construction data released earlier on Wednesday were weak, and first-quarter gross domestic product data is due on April 27.

"We estimate that economic growth nudged lower to 0.2 percent in the first quarter of 2018. The main reason for the weakness was severe weather in March which is likely to have disrupted activity in all major sectors," NIESR economist Amit Kara said.

© Reuters. A walker crosses a snow-covered Clapham Common in London

Past experience of snowy weather in 2010 also suggested early estimates of GDP were likely to be revised more than normal, he added.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.