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The Brexit slowdown is officially here — UK GDP grows less than expected in Q1

The ONS released the first estimate of GDP growth for the first quarter of 2017 on Friday.

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LONDON — Britain's economy grew less than expected in the first quarter of 2017, according to preliminary numbers from the ONS released on Friday.

GDP grew by just 0.3% in the quarter, while on an annual basis the figure was 2.1%.

Prior to the release economists had forecast 0.4% growth, representing a slowdown from the 0.7% figure seen in the final quarter of 2016, a number that beat all expectations. Yearly growth was forecast at 2.2%.

"Many of the significant negative contributions in the services industries in Quarter 1 2017 came from consumer-focused industries, such as retail trade; accommodation; and the trade and repair of motor vehicles, which all decreased when compared with the previous quarter," the ONS said.

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Writing shortly after the data was released, Samuel Tombs,

"The consumer-driven slowdown begins."

Britain's previously sluggish manufacturing sector was actually the best performing part of the economy in Q1, growing 0.5%, thanks to a big rise in the manufacture of motor vehicles.

Despite disappointing in the quarter, UK GDP has now grown in 17 consecutive quarters. The last time UK GDP shrunk over a quarter came in Q4 of 2012 when the economy readjusted to normality following a huge boost from the 2012 Olympic Games in London.

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