Economic Buzz: UK Economy Grows At Slowest Pace In Five Years

The UK economy grew at the slowest pace in more than five years in the first quarter, the Office for National Statistics reported Friday. Gross domestic product grew by just 0.1% in the first quarter, the weakest since the fourth quarter of 2012. GDP had expanded 0.4% in the fourth quarter. The production-side breakdown showed that the slowdown was driven by a 3.3% fall in construction output. On a yearly basis, GDP expanded 1.2% in the first quarter.