According to our calculations, economic growth slowed to only 0.8% annualised in the first quarter. (Data due on Thursday). That slowdown doesn’t worry us, however, even though economic growth has been getting progressively weaker since the middle of last year. We anticipate a rebound in the second-quarter and expect annual GDP growth will be slightly above 2% for 2016 as a whole, which would be broadly in line with the trend during this recovery.
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