Drop in UK's economic growth: what the experts say

Economists' opinions are split between those alarmed by 'dramatic' slowdown and others confident the figures will soon be revised upwards

Britain's economic growth rate halved in the first quarter of the year, from 0.6% to 0.3% - dealing a blow to the government's election hopes.

Jeremy Cook, chief economist at the international payments company World First, says Britain has suffered a "dramatic" slowdown:

Q1 2015 was the slowest three-month period of growth in the UK since the last quarter of 2012.

Industrial and manufacturing numbers from the UK economy through January and February have been poor and, for once, the services sector has not been able to make up that deficit. That, in itself, is worrying.

Given that the Conservatives and Liberal Democrats are hoping that many undecided voters will ultimately decide to vote for them due to their management of the economy, this marked slowdown in growth is particularly unwelcome news coming just over a week before the general election.

However, the Conservatives and Liberal Democrats can probably argue with some justification that increased uncertainty ahead of the general election has hampered growth, likely leading to business caution - particularly on investment.

Related: UK economic growth slows ahead of general election

This is a sharp drop in GDP growth that few economists saw coming. Our research suggests that businesses have hit pause amid growing political uncertainty over what the next government may look like, and ongoing malaise in the eurozone. The fall in construction is worrying, although the all-party pledge to build more homes after the election may be the shot in the arm that the sector needs.

Today's data is disappointing but unsurprising, with the UK moving from being one of the fastest growing developed economies to posting the weakest rate of expansion in over two years.

Given that we'd already seen signs of weakening output earlier this year, the maths was always going to point to a slowdown. Nevertheless, manufacturing has held up with the sector, now seeing eight quarters of growth. And with surveys suggesting industry sentiment is looking reasonably firm, the sector should continue to contribute to growth in the months ahead.

Although we expected a slowdown in GDP growth, following weak construction and production figures, the scale of the decline estimated by the ONS understates the true momentum in the economy.

It is likely that the services sector rose by more than 0.5% - in particular we are sceptical that business and financial services output was broadly flat in the quarter. It would not be surprising if this estimate was upgraded in due course.

Today's disappointing GDP figures will make this look even worse. Unprecedentedly slow growth performance in recovery pic.twitter.com/bInPWjHf91

Weak GDP + strong employment = dreadful productivity (compared to pre-crisis trend or internationally). pic.twitter.com/3obZMFJ1vq