UK GDP Contracts in Q2 on April Plunge......>

UK DATA: UK GDP Contracts in Q2 on April Manufacturing Plunge

-UK Q2 GDP -0.2% q/q vs +0.5% Q1; +1.2% y/y vs +1.8% Q1

-UK Q2 Manufacturing -2.3%, biggest fall since Q1 2009

-UK Q2 Services +0.1%, smallest rise since Q2 2016

-UK Q2 Business investment -0.5% vs +0.4% Q1

-UK Q2 Household spending +0.5% m/m vs +0.6% Q1

-UK Q2 Net trade adds 3.5pp to GDP

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UK GDP contracted for the first time since Q4 2012, when activity was 

artificially depressed following the London Olympics in Q3 2012. 

Manufacturing shaved 0.23 percentage points from total growth, dragged 

lower by a 5.2% slump in output of transport equipment, although the 

bulk of that decline was concentrated in April, when factories were 

idled in preparation for an aborted Brexit date of 29 March. Bank of 

England staff predict no change in output in Q2.