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GDP increase of 0.3% in Q1 2010

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GDP increase of 0.3% in Q1 2010

Monday, 12/7/2010 12:58
Gross domestic product (GDP) in the UK grew during the first quarter of 2010, new data reveals.

Figures from the Office for National Statistics show that growth of 0.3 per cent was experienced during the three-month period between January and March.

The GDP growth is unchanged from the estimate that was published in May.

Real household disposable income was said to have increased during the quarter by 0.4 per cent. This follows a drop of one per cent in 2009.

Communications, transport and storage industries saw growth of 0.2 per cent over the three-month period, however, this is a decline in growth on the previous quarter.

It is thought that this is due to lower growth in the road transport sector.

Manufacturing output increased by 1.4 per cent, while the distribution, hotels and catering industries saw a decrease in output of 0.7 per cent, which could affect the logistics industry.

Publication of the national accounts had been postponed from June 30th, after concerns over errors in some of the figures.

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