Breaking: UK GDP shrinks 20.4% QoQ in Q2 vs. -20.5% expected, GBP/USD unmoved
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- UK GDP arrived at +8.7% MoM in June vs. +8.0% expected.
- UK GDP fell 20.4% QoQ in Q2 vs. -20.5% expected.
- GBP/USD holds on to the latest recovery attempt post-data.
The preliminary reading of the second quarter 2020 UK GDP came in at -20.4% QoQ vs. -20.5% expected and -2.2% last while on an annualized basis the figure stood at -21.7% vs. -22.4% expected and -1.7% seen previously.
The UK GDP monthly release showed that the UK economy expanded sharply in June, arriving at +8.7% versus +8.0% expected and +1.8% previous.
Meanwhile, Index of services (June) arrived at -19.9% 3M/3M vs. -19.2% expected and -18.9% prior.
The Cable keeps its recovery mode intact around 1.3035 region, largely unfazed by the UK growth numbers.
About UK GDP
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
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