Beast from the East saw UK GDP growth slip to just 0.3% in first quarter, suggests research
Negative impact not as severe as it was after last heavy snowfalls in December 2010, economists estimate
Severe bad weather could have reduced UK GDP growth to 0.2 to 0.3 per cent in the first quarter of 2018, according to new research.
Economists at PwC estimated that underlying economic growth had remained steady at 0.4 per cent and that any economic impact from heavy snow and ice should be temporary.
PwC kept its growth forecast for 2018 unchanged at 1.5 per cent and it predicts the economy will bounce back in the second quarter.
Read more UK economy in grip of most feeble recovery on modern record, says IFS Construction output slipped by 1.6 per cent in February and was 3 per cent lower than in the same month a year ago, the Office for National Statistics reported last week. That downward trend is likely to continue into March, according to PwC’s model, which uses data from a number of frequently released indicators. Some parts of the service sector – which makes up the majo..