UK Final GDP expands 0.1% QoQ in Q1 vs. 0.1% expected
The UK economy grew 0.1% on the quarter in the first three months of 2023 vs. 0.1% prior, the final revision confirmed on Friday. The market had expected an expansion of 0.1% in the first quarter.
Britain’s annual GDP expanded by 0.2% in Q1 vs. the first readout of 0.2% while matching 0.2% expectations.
Meanwhile, the UK Q1 Current Account arrived at £-10.757B, compared with the £-8.5B expectations and the fourth quarter’s £-2.483B.
The country’s Total Business Investment data for Q1 came in at 3.3% QoQ and 5.8% YoY.
FX implications
GBP/USD remains uninspired by the UK economic data. The pair was last seen trading at 1.2622, up 0.10% on the day.
About the UK GDP
The Gross Domestic Product released by the Office for National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered a broad measure of the UK's economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
