In the first quarter, the UK economy increased by 0.1% in annual terms, showing the weakest growth since the end of 2012, which was due to snow weather that affected the volume of construction and retail sales. This is evidenced by preliminary data from the Office for National Statistics. Analysts had forecast an increase of 1.4%. The economic downturn in the construction sector fell by 3.3%. Growth by 0.3% was recorded in the services sector , in the processing industry - by 0.2%, in industrial production - by 0.7%. After the publication of data on the GDP, traders' assessment of chances that the Bank of England will raise interest rates next month fell to 27% from 56% on Thursday.
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