UK Economic Growth Slows Sharply in Q1

Britain's economy faced a sharp slowdown in the first quarter of 2015, halving its growth rate from the previous three months, unrevised official data showed Thursday.

Gross domestic product expanded by 0.3 percent between January and March, the Office for National Statistics (ONS) confirmed in a second estimate. That compared with 0.6 percent in the final quarter of 2014

Analysts' consensus forecast had been for a upward revision in quarter-on-quarter growth to 0.4 percent, according to Bloomberg News.

The ONS also confirmed that the economy grew by 2.8 percent last year, which was the best among the G7's developed economies.

“Today’s figures confirm that the UK was the fastest growing major European economy over the past year," a Treasury spokesman said.

He added: "While it is good news that the economy continues to grow, the job is not done and we must go on working through the plan that’s securing a better economic future.”

The ONS added that services growth slowed to 0.4 percent in the first quarter, down from the prior figure of 0.5 percent. That was its worst performance since late 2012.