Jan GDP Flat As Service Growth Slows to a...>

UK DATA: Jan GDP Flat As Service Growth Slows to a Crawl  

-UK Jan GDP unch m/m; unch 3m/3m; +0.6% y/y

-UK Jan Services +0.1% m/m; unchanged 3m/3m

-UK Jan Manufacturing +0.2% m/m vs -3.6% y/y

-UK Jan Construction -0.8% m/m vs +1.6% y/y

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The UK economy flat-lined in the month of January, stagnating after 

a 0.3% gain in December, suggesting that growth subsided even before the 

fears of a coronavirus slowdown gripped the nation. The data were 

released just hours after the Bank of England announced an emergency 

0.5% cut in the base rate to 0.25%. The dominant service sector expanded 

by just 0.1% in the first month of the year, recording no growth in the 

three months to January, dampened by a 0.7% slumped in wholesale and 

retail trade, the biggest 3m/3m fall since March of 2010. Manufacturing 

recorded a modest monthly rise, but output of transport equipment 

declined by 0.2% in January.