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UK DATA
UK DATA: Q1 GDP Boosted By Stockpiling, Brexit-Related Activity
-UK Q1 GDP +0.5% q/q, +1.8% y/y, in line with expectations
-UK Q1 Manufacturing +2.2% q/q, biggest rise since Q3 1988
-UK Q1 Government spending +1.4% q/q; biggest rise since Q1 2012
-UK Q1 Business Investment +0.5% q/q vs -0.9% Q4, 1st rise since Q4 2017
-UK Q1 Household Spending +0.7% vs +0.3% Q4, adds 0.42pp to growth
-UK Q1 Services +0.3% q/q vs +0.5% Q4, adds 0.26pp to growth
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UK GDP was boosted significantly by Brexit-related distortions 
ahead of the original deadline of 29 March. Manufacturing surged, adds 
0.22pp to growth, with the ONS noting widespread evidence of factories 
bringing forward deliveries of both exports and domestic orders. 
Business investment broke a four-quarter run of losses, lifted by 
technology spending and machinery and equipment; officials declined to 
comment on Brexit links. Government spending added 0.25pp to growth, 
but ONS officials were unable to comment on a Brexit-related lift.