Q1 GDP Confirmed at 0.5% On Brexit..........>

UK DATA: Q1 GDP Confirmed at 0.5% On Brexit Stockpiling

-UK Q1 Imports +10.8% q/q. Exports +1.5% q/q

-UK Q1 Business Investment +0.4% q/q vs +0.5% previous estimate

-UK Q1 Services +0.4% q/q vs +0.3% previous estimate

-UK Q1 Manufacturing +1.9% q/q vs +2.2% previous estimate

-UK Q1 Construction +1.4% q/q vs +1.0% previous estimate

-UK Q1 Government Spending +0.8% q/q vs +1.4% previous estimate

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UK GDP expanded by 0.5% in the first quarter, in line with the MNI 

median forecast and the initially-reported performance, lifted by 

stockpiling ahead of the original Brexit date of March 29. Net trade  

subtracted a record-high 2.99pp from growth (up from the 2.16pp drag 

reported earlier). The manufacturing sector contributed 0.19pp to total 

growth, although the 1.9% expansion fell short of initial reports. 

Government spending was revised lower, as was business investment.