Great Britain confirms GDP growth

May 23, 2013 at 9:15 AM
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LONDON, May 23 (UPI) -- Britain's Office of National Statistics said the country's economy rose 0.3 percent in the first quarter of the year, leaving a previous estimate unchanged.

The growth over the fourth quarter of 2012 was in line with expectations and follows a quarter-to-quarter decline of 0.3 percent in the previous reporting period.

The gross domestic product, the broadest measure of an economy's value, rose 0.4 percent compared to the first quarter a year earlier, the statistics agency said.

The ONS said positive contributions came from changes in business inventories and consumer spending, which increased by 0.1 percent.

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