¹Office for National Statistics

Monthly review of economic and labour market trends in the UK.

Gross Domestic Product output slowed modestly in 2008 quarter one compared with the previous quarter. Growth was driven by slower service sector output, offset by virtually flat total production growth. Manufacturing output returned to positive growth in the latest quarter. On the expenditure side, household spending and business investment weakened in quarter four in comparison with quarter three. The current account deficit narrowed in quarter four; the goods trade deficit was unchanged in quarter four and contributed negatively to growth. The labour market continues to be buoyant in 2008 quarter one although average earnings remain relatively subdued. The public sector finance position deteriorated in March 2008. Consumer price inflation was unchanged in March 2008 and was above the Government's inflation target. Producer output and input price inflation accelerated in 2008 quarter one.

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