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Quarterly GDP data pulled down by revisions to October and November

UK DATA
  • Despite the quarterly GDP print coming in softer-than-expected, the December print only fell -0.1%M/M. The weakness was due to downward revisions of -0.1ppt in November (from +0.3%M/M to +0.2%M/M) and of -0.2ppt in October (from -0.3%M/M to -0.5%M/M).
  • On a quarterly basis, net trade was the biggest downward contributor with household consumption and government consumption both -0.1%Q/Q, Gross fixed capital formation posted another strong quarter, rising 1.4%Q/Q,
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  • Despite the quarterly GDP print coming in softer-than-expected, the December print only fell -0.1%M/M. The weakness was due to downward revisions of -0.1ppt in November (from +0.3%M/M to +0.2%M/M) and of -0.2ppt in October (from -0.3%M/M to -0.5%M/M).
  • On a quarterly basis, net trade was the biggest downward contributor with household consumption and government consumption both -0.1%Q/Q, Gross fixed capital formation posted another strong quarter, rising 1.4%Q/Q,