The United Kingdom was not spared by the bad weather which reigned over Europe in March, with cold and snow extending into April quite uncharacteristically. Due to this, the most recent economic statistics for last month show that the UK economy grew at its slowest pace since the Brexit vote.
The latest PMI dropped from 54.5 in February to 51.7 in March, which is a much greater decrease than anticipated.
Based on the data that is currently out, it appears that since the beginning of 2018 the United Kingdom’s economy has grown on average by 0.3 percent, and this sentiment echoes all over the different sectors that make up the UK’s economy.
The decline in the economy is chalked up to two factors. First of all, fears about the economy are growing as we approach the March 2019 deadline for Brexit: half of the negotiations time is behind us, yet Britain is still very far away from an actual agreement with the EU. Secondly, the economy was influenced by the bad weather and the heavy snowfall of last month, which inconvenienced many businesses.
