Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK consumer spending declined by 4.6% in the first quarter, much worse than the initially-reported 3.9% decline, with most of the revision stemming from more complete data from restaurants and hotels, according to the Office for National Statistics. Consumption exerted the biggest drag on Q1 output, shaving 2.46 percentage points from GDP.
The savings rate jumped to 19.9% from 16.1% in Q4, the second-highest on record (after 25.9% in Q2). Government spending rose by 1.5%, down from the originally-reported 2.6%, due to updated data on public administration and downward revisions to education. However, business investment fell by 10.7%, shallower than the originally-reported 11.9% decline. Net trade added 2.31 percentage points to GDP, as exports fell by less than reported back in May. There were no revisions to aggregate GDP data over previous quarters.
UK household spending
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.