UK ECONOMIC GROWTH FIGURES RELEASED

Published 29/04/2016 00:00:00 in Press Releases

“It is encouraging to see that gross domestic product in the UK grew by 0.4% in the first quarter of 2016 - marking 13 consecutive months of growth”, said Sue Robinson, director of the National Franchised Dealers Association, which represents commercial vehicle and franchised car retailers across the UK, commenting on recent figures released by the Office for National Statistics (ONS).

The first estimate of economic growth released by the Government show that UK gross domestic product (GDP) slowed to 0.4% between January and March down from 0.6% in quarter 4 2015.   The service sector, which represents the biggest part of the economy, grew by 0.6%.

Robinson continued, “As previously warned by the Bank of England, uncertainty due to the EU referendum might be one of the causes of this slowdown, which however was in line with economists’ expectations. 

“On a positive note, the economy grew by 2.1% for the year performing slightly better than economists' predictions.

“Considering the number of external factors that currently have the potential to undermine the economy’s stability, we are pleased to see that figures are still positive.”

 

ENDS

NOTES TO EDITORS:

Rupal Rawal, Press Officer
Tel: 020 7307 3412
Mob: 07528 977 157
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406

Web: www.rmif.co.uk  Email: rupal.rawal@rmif.co.uk

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.

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