Breaking: UK Preliminary GDP misses estimates with 1.3% QoQ in Q3, GBP/USD unfazed
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- Quarterly GDP for the UK grew by 1.3% in Q3 vs. 1.5% expected.
- UK GDP arrived at 0.6% MoM in September vs. 0.4% previous.
- GBP/USD is little changed around 1.3425 on mixed UK GDP.
The British economy expanded 1.3% QoQ in the third quarter of 2021 when compared to a 5.5% growth seen in Q2 and 1.5% expectations. On an annualized basis, the Kingdom’s GDP arrived at 6.6% in Q3 vs. 6.8% expected and 23.6% prior.
The UK GDP monthly release showed that the economy quickened its pace of expansion in September, coming in at 0.6% vs. 0.4% previous.
Meanwhile, the Index of services (September) arrived at 1.6% 3M/3M vs. 3.1% expected and 3.7% prior.
Market reaction
The cable keeps its range around 1.3425 after the mixed UK growth numbers. The spot is adding 0.18% on the day.
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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