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.

 

Similar

CPI Wednesday: the Doomsday for EURUSD and GBPUSD?
CPI Wednesday: the Doomsday for EURUSD and GBPUSD?

Today, the US Inflation release at 15:30 GMT+3 will determine the further destiny of the major pairs and gold. The event is highly impactful, as the Federal Reserve will make decisions regarding further rate hikes based on it. Also, we brought you some news about XAUUSD and GBPUSD. Stay tuned!

Latest news

No More US Debts in Sight
No More US Debts in Sight

The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.

Gold Rises as Central Banks Buy More
Gold Rises as Central Banks Buy More

About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera