UK GDP increased by 0.7%

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Tuesday, Jul 28 2015

GDP increased by 0.7% in the second quarter of 2015, in line with market forecasts. The largest contribution to the increase came from the services sector, contributing 0.5 percentage points to Quarter 2 (Apr to June) 2015. The increase in GDP followed growth of 0.4% in Quarter 1 (Jan to Mar) 2015. In the latest quarter output increased in 2 of the main industrial groupings within the economy, services increased by 0.7% and production increased by 1.0%. Construction growth was flat, in contrast agriculture decreased by 0.7%.

GDP was 2.6% higher in Quarter 2 (Apr to June) 2015 compared with the same quarter a year ago. GDP in the UK grew steadily during the 2000s until a financial market shock affected UK and global economic growth in 2008 and 2009. Economic growth resumed towards the end of 2009, but generally at a slower rate than the period prior to 2008. This growth was also erratic, with several quarters between 2010 and 2012 recording stagnant or declining GDP. Since 2013, GDP has grown steadily, passing its pre-downturn peak in Quarter 3 (Jul to Sep) 2013.

After the data Sterling was pushed higher and is currently being traded few points below 1.56 handle. Pair is likely to find support around 1.5550 and resistance above 1.5630 area. Later today, in the US session, CB Consumer Confidence figures are scheduled for a release.

More in this category: « Aussie higher, gold under pressure Euro fell before Fed meeting »

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