It blamed consumer facing industries, such as retail and accommodation, which suffered as household spending slowed due to rising prices.
Construction and manufacturing also showed little growth, while business services & finance continued to grow strongly.
“Household consumption was one of the main contributing factors, with growth slowing from 0.7% to 0.3%,” commented Schroders’ senior European economist Azad Zangana.
“However, net trade was also a disappointment, with the balance reducing GDP by 1.4 percentage points.
“The volume of exports fell 1.6% from a very strong 4.6% in the previous quarter. Meanwhile, imports jumped by 2.7%, compared to a 1% fall previously.”
