UK GDP grew by 0.5%

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Tuesday, Jan 27 2015

UK GDP is estimated to have increased by 0.5% in Q4 2014 compared with growth of 0.7% in Q3 2014. Analysts were anticipating incline by 0.6%.Output increased in two of the four main industrial groupings within the economy in Q4 2014. In order of their contribution, output increased by 0.8% in services and 1.3% in agriculture. In contrast, output decreased by 1.8% in construction and 0.1% in production.

Separate report, on BBA Mortgage Approvals showed decrease to 35,700, missing market forecast 36,600. Richard Woolhouse, Chief Economist at the BBA, said:“The mortgage market has been softening since the spring, but for customers taking out home loans right now there are some great deals and we expect the market to begin to grow again this year."

Immediately after the data Sterling decreased but it managed to rebound slightly and is currently being traded around 1.5080 level. Later today, in the US session, Durable Goods Orders, CB Consumer Confidence and New Home Sales figures are scheduled for a release.

More in this category: « Euro sharply up at the beginning of European part of session Durable Goods Orders decreased by 3.4% »

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