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

FOMC Meeting Minutes Are In Focus
FOMC Meeting Minutes Are In Focus

Let's check the economic calendar. This week is interesting, mostly not because of the economic calendar, but because of geopolitical factors.

The US Dollar Is Correcting
The US Dollar Is Correcting

Inflation in Europe was released better than the forecast. The preliminary fact was published at 4.3%. What's happening in the markets?

Latest news

The Yen Sets New Lows
The Yen Sets New Lows

The Japanese yen fell to its lowest level against the US dollar in 33 years. Read the full report to learn the next target for USDJPY!

BlackRock CEO Supports The USD
BlackRock CEO Supports The USD

BlackRock CEO forecasts the Fed may have to raise rates further. The US dollar index (DXY) gains 130 points today. Read the full report to get more fresh news and technical analysis!

Deposit with your local payment systems

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!

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