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Why MNI
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.
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Free AccessUK Monthly GDP Up Slightly But Lockdown Weighs on Activity
FEB GDP +0.4 % M/M (PREV -2.2%), -7.8% Y/Y (PREV -9.2%)
FEB INDEX OF SERVICES +0.2% M/M; -8.8% Y/Y; PRV -2.5% M/M, MED +0.6%
FEB IND PRODUCTION +1.0% M/M, PRV -1.8%, MED +0.5%
FEB MANUFACTURING +1.3% M/M, PRV -2.3%, MEDIAN +0.5%
FEB CONSTRUCTION +1.6% M/M, PRV 0.0%, MEDIAN +0.5%
- After dropping by 2.2% in Jan, UK m/m GDP rebounded to 0.4% in Feb, coming in slightly weaker than markets expected (BBG: +0.5%).
- GDP remains 7.8% below the Feb 2020's pre-pandemic level.
- For Q1 GDP to record a flat reading, Mar GDP would need to grow by 6.4%.
- Feb's uptick was broad-based with ever major sector positing an increase:
- The services sector grew by 0.2%, slightly weaker than expected (BBG: +0.6%) and mainly on the back of wholesale and retail services, up 3.3% m/m.
- Industrial output ticked up to 1.0%, while manufacturing output edged up by 1.3% in Feb. Both indicators increased by more than markets expected and the ONS noted that car manufacturers saw a partial recovery after a weak Jan.
- Construction rose significantly by 1.6%, surpassing forecasts looking for a 0.5% uptick after having struggled for a couple of months.
- Exports to the EU increased in Feb, following a sharp drop in Jan, but they remained 15.1% below Dec's level.
- Imports were still 24.5% below their Dec figure, as a number of issues are hampering trade, the ONS noted.
To read the full story
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Why MNI
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.