British Economy slows down in the first quarter

British Economy slows down in the first quarter

The Prime Minister David Cameron is already having tough time in responding to the criticism of his government by the Labor party. Ahead of elections it is going to be more difficult for him now to convince voters to support conservatives as the latest data shows the slowdown in the British economy in the first quarter.

The industry growth was almost none in the month of February. The major dip in the oil and natural gas production has resulted in this situation which also affected the construction output, as per the official data. The figures will be published nine days before the general election, which is scheduled on May 7. The data shows sharp decline in the economic growth for the first quarter of this year.

The government bond prices increased along with the dip in the pound’s value against the dollar, which reached lowest in the last five years. Chief Economist Chris Williamson from Markit, financial data provider informed that economy as slowing down remarkably. But the picture was better in the 2014, as Britain was the highest growing economy among the big advanced countries with growth rate of 2.8 percent.

The Britain’s service sector also showed negative growth early this year in the January and this can be seen as biggest indicator of the projected negative growth rate. This has put the Prime minister in an awkward position as the election campaign is entirely based on long term economic revival of the Britain. Of course there are hopes for better growth rates for Britain and it’s too early to be pessimistic, said experts.

 

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