The UK economy registered a severe slowdown in the first quarter, its weakest reading in five years, official preliminary data showed on Friday.
That was the weakest reading since the fourth quarter of 2012 and marked a severe slowdown from growth of 0.4% in the final three months of 2017.
Year-over-year, UK economic growth expanded 1.2% in the first quarter, missing expectations for a repeat of the prior quarter’s 1.4% gain.
Additionally, the index of services in the U.K. rose 0.4%. That missed expectations for a repeat of the fourth quarter’s 0.6% advance.
The ONS noted that snow had some impact on economy, especially in construction and some areas of retail, but remarked that the overall effect on GDP was limited.