Investing.com – U.K. growth in the first quarter was halved, according to the forecast published by the National Institute of Economic and Social Research (NIESR).
The think tank’s GDP estimate rang in on Friday at just 0.3% for the first three months of the year, compared to 0.6% in the fourth quarter of 2015.
If correct, it would be the slowest rate of expansion for the British economy since the fourth quarter of 2012.
NIESR indicated that its forecast included the weaker than expected manufacturing and industrial production data published earlier in the day.
“The subdued growth in the first quarter of 2016 has been primarily driven by weakness in production industries, especially manufacturing,” NIESR research fellow James Warren explained.
The Office for National Statistics will report the official estimate for first quarter GDP growth on April 27.