GDP Flatlines in Q4; Manufacturing Weighs...>

UK DATA: GDP Flatlines in Q4; Manufacturing Weighs On Services Growth

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--UK Q4 GDP +0.0% q/q, +1.1% y/y (forecasts +0.0% qq, +0.9% yy)

--Dec GDP +0.3% m/m vs -0.3% Nov (forecast +0.2% m/m)

--Household spending at 4-year low, Govt spend at 8-yr high 

--Overall 2019 growth seen at 1.4% over 2018, outpacing 2018's 1.3%

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Government spending was again a driver of growth in the UK through Q4, 

adding almost 0.1pp to growth in the period. Govt spending rose 2.1% 

q/q, the biggest quarterly gain since Q1 2012. Household spending rose 

just 0.1%, the slowest q/q rate of growth since Q4 2015. Net trade was 

also a boost to growth, adding 1.56pp, although again data was skewed 

by non-monetary gold transactions.