UK statistics authority disagrees with BoE on snow impact
ONS says snow had limited impact on Q1 GDP, contradicting the BoE’s account
The UK’s Office for National Statistics published a revised estimate of GDP in the first quarter today (May 25), appearing to contradict the Bank of England’s assessment of the impact of snowfall during the quarter.
Quarter-on-quarter GDP growth remained unchanged at 0.1%, the ONS said in a statement. “While the bad weather had some impact on the economy, particularly in construction and some areas of retail, its overall effect was limited, with partially offsetting impacts in energy supply and
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