News

UK GDP arrives at 0.5% m/m in January, a big beat

The UK GDP monthly release showed that the economy contracted in January, coming in at -0.5% versus 0.2% expected growth and -0.4% previous.

Meanwhile, Index of services (Jan) came in at +0.3% vs. +0.2% m/m expected.

Main Points (via Office for National Statistics)

  • Services, production, manufacturing and construction all experienced positive month-on-month growth in January 2019 after contracting in December 2018.
  • The services sector grew by 0.3% in the month of January 2019. The main drivers of growth within services were wholesale and retail trade, with growth of 1.4%, and information and communication, with growth of 1.7%. 
  • Monthly growth in construction bounced back in January 2019 after negative growth in December 2018.

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