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Upside to UK GDP driven by services

UK DATA
  • The upward surprise in UK GDP is being purely driven by services here which rose 0.5%M/M with the ONS noting that "the largest contributions to growth in January 2023 coming from education, transport and storage, human health activities, and arts, entertainment and recreation activities, all of which have rebounded after falls in December 2022."
  • An ONS official said: "The main drivers of January’s growth were the return of children to classrooms, following unusually high absences in the run-up to Christmas, the Premier League clubs returned to a full schedule after the end of the World Cup and private health providers also had a strong month."
  • This offset weaker than expected IP (down -0.3%M/M vs flat expected), manufacturing (-0.4%M/M, +0.1% expected) and construction (-1.7%M/M, flat expected).
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