UK GDP increased less than expected

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Tuesday, Apr 28 2015

UK GDP is estimated to have increased by 0.3% in Quarter 1, missing forecasts on 0.5% growth, compared with growth of 0.6% in Quarter 4 2014.Output increased in services by 0.5%,while the other 3 main industrial groupings within the economy decreased, with construction falling by 1.6%, production by 0.1% and agriculture by 0.2%.GDP was 2.4% higher in Quarter 1 2015 compared with the same quarter a year ago.

However, this was the slowest growth since the fourth quarter of 2012, the ONS said, when there were fears that Britain was tipping back into recession. coming just nine days before the May 7 national election, the slowdown is sure to be seized upon by the opposition Labour Party which has been running neck-and-neck with Cameron's Conservatives in opinion polls.

After the data Sterling was pushed lower and is currently being traded few points below 1.52 handle. Pair is likely to find support around 1.5150 area and resistance above 1.5280 level. Later today, in the US session, CB Consumer Confidence figures are scheduled for a release.

More in this category: « Euro little changed in a steadier morning part of the session CB Consumer Confidence at a four-month low »

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