Breaking: UK GDP contracts -2.0% QoQ in Q1 vs. -2.5% expected, GBP/USD unfazed
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- UK GDP arrived at -5.8%% MoM in March vs. -8.0% expected.
- UK GDP fell -2.0% QoQ in Q1 vs. -2.5% expected.
- GBP/USD holds on to the latest recovery attempt post-data.
The preliminary reading of the first quarter 2020 UK GDP came in at -2.0% QoQ vs. -2.5% expected and 0.0% last while on an annualized basis the figure stood at -1.6% vs. -2.1% expected and +1.1% seen previously.
The UK GDP monthly release showed that the UK economy contracted in March, arriving at -5.8% versus -8.0% expected and -0.1% previous.
Meanwhile, Index of services (March) arrived at -1.9% 3M/3M vs. +0.3% expected and +0.2% prior.
The Cable keeps its range around 1.2275 region, largely unfazed by the UK growth numbers.
About UK GDP
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
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