British GDP in the 1st quarter soars by 0.1% - the worst outcome since the end of 2012

British GDP in the 1st quarter soars by 0.1% - the worst outcome since the end of 2012

In the first quarter the British GDP tacked on by about 0.1% in annual terms, as follows from preliminary data uncovered by the National Statistical Office (ONS).

It appears to be the weakest rise since the end of 2012, as the Guardian pointed out. The slowdown in surge rates at the beginning of this year was due to in particular snow weather, which affected the volume of construction as well as retail sales.

Market experts on average expected an increase of up to 0.3% in quarterly terms and also up to 1.4% in annual terms. That’s what Trading Economics informed.

In the fourth quarter of the previous year, the increase in GDP accounted for about 0.4% as well as 1.4%, respectively.

The most significant negative impact on the rate of economic recovery in the country was provided by the construction sector – it headed south approximately 3.3%.

Services in the United Kingdom tacked on by up to 0.3%, processing industry acquired 0.2%, while industrial production managed to gain by about 0.7%.

The preliminary estimate of ONS accounts for approximately 44% of all data collected for GDP.

After the publication of data on GDP, the British pound dived to the lowest value for the last seven weeks – demonstrating an outcome of $1.3815.

Investors suggest that a weak economic recovery is going to force the Bank of England to wait with a lift in interest rates. Money market traders are currently assessing the chances that the British Central Bank will take such a step at the gathering next month, only at the level of 27% versus 56% on Thursday. The majority predicts the first this year rate increase in December versus the previously anticipated November.



Bank of England’s Statement
Bank of England’s Statement

The Bank of England will announce its policy statement on December 16, Thursday, at 14:00 GMT+2 (MetaTrader time). It will affect all the pairs with the British pound.

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Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

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