MNI DATA IMPACT: Retail Powers UK GDP Rebound in January>

By Les Commons and Laurie Laird

LONDON (MNI) - The following are the key points from UK GDP data 

published Tuesday by the Office for National Statistics. 

     - Retail and wholesale trade accounted for the lion's share of an 

economic rebound in January, adding 0.15 percentage points to monthly 

GDP growth of 0.5%, countering the sharp 0.4% fall in December. 

     - While services accounted for 0.2 percentage points of monthly 

growth and 0.38 percentage points of three-month rolling growth of 

0.2%, the financial sector has continued to contract. Financial and 

insurance services slipped by another 0.2% between December and January, 

the 11th straight month without an increase. 

     -  Auto production slumped by 2.3% in January, and could decline 

further ovr coming months following recent announcements of assembly 

line closures. Motor vehicle output has now dropped by 7.2% from its 

recent peak in the first quarter of 2017. 

     - The fourth quarter trade deficit was revised lower to Stg9.538 

billion, but an ever larger revision to the third quarter shortfall 

suggests that net trade could shave 0.3 percentage points from fourth 

quarter growth, outpacing the 0.12 percentage point drag contained in 

the first estimate of Q4 GDP. 

     - Construction rebounded smartly in January, jumping by 2.8% over 

December, adding 0.17 percentage points to total growth. However, 

construction output slipped by 0.6% on a rolling three-month basis, and 

could tumble further after poor weather in February.