LONDON (AFX) - UK Chancellor of the Exchequer Gordon Brown said first quarter GDP growth was affected by price falls in the oil and gas sector.
"As in the fourth quarter 2000, the preliminary estimate for the first quarter is affected by the falls in the volatile oil and gas sector," Brown said following release of the data.
Also, speaking ahead of the weekend G7 meeting in Washington, Brown said: "In the face of global instability, British economic policy is much better placed than it has been in the past, and we are on course to continue to deliver stability and sustained growth."
Preliminary first quarter GDP rose 0.3 pct from the previous quarter and 2.5 pct year-on-year, compared with estimates of 0.4 pct and 2.6 pct.