We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Secured Loans > UK’s economic growth slows to 0.3 per cent

UK’s economic growth slows to 0.3 per cent

8th May 2015 | Published by Evolution Money

Britain’s economic recovery slowed sharply in the first quarter of 2015, according to official figures from the Office for National Statistics.

The economy grew by only 0.3 per cent between January and March, half as much as that of the previous quarter. Economists had forecast a growth rate of 0.5 per cent.

David Cameron warned that the UK’s economic recovery could not be taken for granted and that a Labour government would put it in jeopardy.

The rate of growth for the first three months of 2015 was the slowest since the final quarter of 2012, when economists believed that the economy might fall back into recession.

The slowdown in the economy was unwelcome news to the Conservative party, coming in the final week before the next general election. Chief economist for IHS Global Insight, Howard Archer, said that the newly released figures would give a ‘jolt’ to the Coalition government, who had been hoping that the continued recovery of the economy would persuade undecided voters to vote for them.

The service industry was the only UK sector to show growth. The output of services, such as bars, restaurants and hotels, grew by 0.5 per cent during the first quarter but this was still down on the rate of growth for the last quarter of 2014, when it reached 0.9 per cent. It is, in fact, the only sector to have recovered and exceeded its pre-financial crisis level.

Other sectors shrank during the first three months of the year, with construction falling by 1.6 per cent, industrial production by 0.1 per cent and agricultural output by 0.2 per cent.

Industrial production barely grew, managing a growth of just 0.1 per cent, brought down largely by mining production and water and waste management.

Category: Money
This post was written by Evolution Money
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoWe are a member of the FLA (Finance and Leasing Association) and subscribe to its lending code.


Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2022 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice | Sitemap
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution