UK GDP grows 0.3% MoM in January vs. 0.1% expected
|- UK GDP arrived at 0.3% MoM in January vs. 0.1% expected.
- GBP/USD extends gains to near 1.1950 on upbeat UK GDP.
The UK Gross Domestic Product (GDP) monthly release showed on Friday that the economy expanded in January, arriving at 0.3 % vs. 0.1% expectations and -0.5% previous.
Meanwhile, the Index of services (January) came in at 0% 3M/3M vs. 0.1% estimate and 0% prior.
Commenting on the GDP data, UK Finance Minister Jeremy Hunt said, “the UK economy has proved more resilient than many expected, but there is a long way to go.”
Market reaction
The Cable picked up fresh bids on the upbeat UK growth numbers. At the press time, the spot is trading 0.17% higher on the day at 1.1944, having briefly recaptured 1.1950 on the data release.
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 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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