The European Union economy has slowed down in the first quarter of the year, official data from Eurostat showed.
The economic growth in the eurozone slowed to 0.4% for the period from January to March 2018, compared with 0.7% in the previous quarter.
Growth in the 19-country single currency bloc reached 2.5% year-on-year.
However, the euro zone is still better than that of the UNITED kingdom’s economy, which grew only 0.1% in the fourth quarter.
“This was the fifth of seven consecutive quarters that the eurozone grew faster than the UK as a result of the EU referendum,” said Barret Kupelian, senior economist at PricewaterhouseCoopers.
“This suggests that the UK has not been able to reap all of the benefits of a recovery in global economic activity, unlike other large economies of the eurozone and the UNITED states.”
Mr. Kupelian said the latest GDP figures showed that the UK had been slower economic growth, compared to the USA and in the euro zone for four consecutive quarters.Construction improves
However, the latest figures from HS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) showed that the UK construction industry has rebounded from a poor start to the year.
Construction returned to growth 52.5 in the month of April, compared to 47 in the month of March, when the construction is decreased to the bad weather caused by the beast from the East towards the end of February and March.
Any figure above 50 indicates expansion, while anything less than 50 indicates contraction.
Despite this, analysts remain cautious about the housing sector’s growth.
The Ernst & young Item Club said the improvement in the month of April of the construction of figures is highly unlikely to placate the Bank of England has increased fears about the economy.
It feels an interest rate hike at the Bank of England’s Monetary Policy Committee meeting in May, “still seems unlikely.”