UK GDP grew by 0.4%

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Wednesday, Apr 27 2016

GDP is estimated to have increased by 0.4% in Quarter 1 (Jan to Mar) 2016 compared with growth of 0.6% in Quarter 4 (Oct to Dec) 2015. This was in line with market predictions. Output increased in services by 0.6% in Quarter 1 (Jan to Mar) 2016. The other 3 main industrial groupings within the economy decreased, with production falling by 0.4%, construction output by 0.9% and agriculture by 0.1%.

GDP was 2.1% higher in Quarter 1 (Jan to Mar) 2016 compared with the same quarter a year ago. In Quarter 1 (Jan to Mar) 2016, GDP was estimated to have been 7.3% higher than the pre-economic downturn peak of Quarter 1 (Jan to Mar) 2008. From the peak in Quarter 1 (Jan to Mar) 2008 to the trough in Quarter 2 (Apr to June) 2009, the economy shrank by 6.1%.

Sterling is currently being traded few points above 1.4580 level. Pair is likely to find support around 1.45 handle and resistance above 1.4630 level. Later today, in the US session, FED interest rate decision will be published.

More in this category: « M3 Money Supply at 5.0% in March Fed Leaves Rates Unchanged, Signals Openness to June Increase »

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