Q1 GDP -2.2% Q/Q; -1.7% Y/Y, PRELIM -2.0%...>

UK DATA: Q1 GDP -2.2% Q/Q; -1.7% Y/Y, PRELIM -2.0% Q/Q; 0.0% Q4

--Q1 GOVT SPENDING -4.1% Q/Q, -1.6% Y/Y; Q4 +0.6% QQ, +3.1%YY 

--Q1 CONSUMER SPENDING -2.9% Q/Q, -2.5% Y/Y; Q4 -0.1% QQ,+0.7%YY 

--Q1 BUSINESS INV -0.3% Q/Q, 0.8%Y/Y; Q4 -0.3% QQ, +2.3%YY

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From bad to worse as UK Q1 GDP data was revised lower from the preliminary read,

down to -2.2% q/q against the preliminary reading of a -2.0% decline. Y/Y, GDP

was revised down 0.1pp to -1.7%. Q/Q, its the largest decline since Q3 1979, the

ONS confirm. The services, production and construction sectors provided a

negative contribution to growth in the output approach to GDP in Q1; with

services output falling by a record 2.3%. Govt spending fell 4.1% q/q, although

that is expected to rise sharply in Q2.