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UK Economy Sees Growth by 0.3% as Service Sector Slumps

  • As per reports, UK’s Office of National Statistics mentioned on Friday that in 2017 the GDP rate has only grown by 0.3% in comparison to 0.7% growth with which 2016 ended.

    The report also said that the slower growth rate is a direct result of slowdown faced by service sector which also grew at the 0.3% rate during Quarter 1, 2017.

    The construction sector was also dragging GDP behind rising by 0.2% during the first three months of 2017. The retail trade has been severely affected by the rise in inflation causing the consumers spend to drop and affected distribution sectors, hotels and restaurants.