Free Trial

UK Growth Worst in Over Five Years; Snow....>

UK DATA: UK Growth Worst in Over Five Years; Snow Impact "Limited" 
-UK Q1 GDP Growth +0.1% q/q; +1.2% y/y 
-UK Feb Index of Services -0.2% m/m; +0.4% 3m/3m; +1.3% y/y  
Q1 GDP growth came in well below BoE and market expectations, 
falling to 0.1% q/q - the lowest since Q4 2012. The 0.3pp drop in q/q 
growth was attrbiuted to weakness across the mfg and construction 
sectors, as well as in consumer-facing industries. While the snow had 
"some impact" over Q1, the ONS described it as "limited" and "relatively 
small", suggesting the data alluded to an underlying trend of weakeness. 
There was no evidence of a snow impact in the manufacturing sector while 
half of the drop in construction output was concentrated in January, 
after December's sharp rise and before the Feb/Mar snow. For the month 
of March, the ONS forecast both Services and IOP to grow by 0.1% m/m and 
construction to fall 2.3% m/m.             

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.