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UK GDP growth unchanged at 0.5% in Q1

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The UK economy grew at 0.5% in Q1, in line with previous estimates, according to the Office for National Statistics (ONS).

The first official revision of economic growth left the reading at 0.5% for the first quarter of 2011, in line with market expectations.

This reading confirmed the UK is stagnating after a contraction of 0.5% in the final quarter of 2010.

Ahead of the revision by the ONS, markets had predicted the growth figure would be left on hold.

It leaves UK GDP behind Chancellor George Osborne’s expectations.

Osborne had previously said he hoped to see growth of 0.8% in Q1.

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