Breaking: UK Preliminary GDP stagnates in Q4 2022, as expected
|- Quarterly GDP for the UK came in at 0% in Q4 vs. 0% expected.
- UK GDP arrived at -0.5% MoM in Dec vs. -0.3% expected.
- GBP/USD whipsaws around 1.2100 on mixed UK GDP.
The UK economy stagnated at 0% QoQ in the three months to December when compared with a 0.3% decline booked in Q3 and 0% expectations.
On an annualized basis, the UK GDP expanded 0.4% in Q4 vs. 0.4% expected and a 1.9% growth seen in the previous quarter.
The UK GDP monthly release showed that the economy contracted by 0.5% in December vs. -0.3% expected and 0.1% previous.
Meanwhile, the Index of services (September) arrived at 0% 3M/3M and 0% prior and 0.3% anticipated.
Market reaction
GBPUSD dropped and popped in an immediate reaction to the mixed UK growth numbers before regaining the 1.2100 area, where it now wavers. The spot is down 0.14% on the day, as of writing.
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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