April 2016 GDP Estimates

Our monthly estimates of GDP suggest that output grew by 0.3 per cent in the three months ending in March 2016 after growth of 0.2 per cent in the three months ending in February 2016. This estimate represents the weakest rate of growth for the UK economy since the final quarter of 2012.

James Warren, Research Fellow at NIESR, said “The subdued growth in the first quarter of 2016 has been primarily driven by weakness in production industries, especially manufacturing. The volume of industrial production is currently 10.7 per cent below its pre-recession peak of the first quarter of 2008, while GDP has now surpassed its pre-recession peak by 7 per cent.”