British economy accelerated growth to 0.5% in the first quarter

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The British economy grew 0.5% in the first quarter. As reported by the Office for National Statistics, growth accelerated compared with a 0.2% increase in the previous quarter, confirming economists' forecasts. Compared to the same period a year earlier, GDP grew by 1.8%, while economists had expected growth of 2%. According to experts, the acceleration of growth was made possible by increasing stocks of both British companies and consumers on the eve of the country's withdrawal from the European Union. Consumers for the quarter increased costs by 0.7%. At the same time, government spending increased by 1.4%. Nevertheless, experts believe that British GDP growth may decline due to high stocks, which will lead to a weakening of demand in the consumer and industrial sectors. The UK trade deficit reached the highest level in more than 50 years, at 3.4% of GDP, which was caused by a 6.8% jump in imports, while maintaining the same level of exports.

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