UK Q1 GDP unrevised at 0.3%

Britain`s grew an unrevised 0.3 percent, up from both advanced and expected readings, in the first quarter of 2013, data from the  Office of National Statistics showed on Thursday .

Year on year, the Gross Domestic Product (GDP) was unrevised at 0.6 percent growth.

Data released by the ONS also showed exports have dropped 0.8 percent from 1.6 percent, beating expectations of 1.0 percent decrease.

Imports, on the other hand, also advanced to 0.5 percent drop from 1.0 percent drop, also beating analyst’s forecasted drop of 0.9 percent.

In fact, the drop in exports reflect the weak demand from the euro area, UK’s main trading partner, and worldwide in addition to the strengthening sterling in the first quarter.

Gross fixed capital formation plummeted 0.8 percent from 0.2 percent decline in the first quarter of 2013, missing forecasts of 0.3 percent. Private consumption retreated to 0.1 percent from 0.4 percent, analysts called for 0.3 percent.

Government spending was flat at 0.0 percent from 0.6 percent in the fourth quarter of 2012, missing median forecasts of 0.2 percent.