BREAKING: GBP strengthens slightly after UK GDP data

The British economy stalled in the last quarter of 2022, following a downwardly revised 0.2% fall in the previous period and matching market expectations, preliminary estimates showed. The services sector slowed to flat output driven by falls in the education, and transport and storage sub-sectors. Also, growth of 0.3% in construction was offset by a 0.2% fall in the production sector. On the expenditure side, growth in household expenditure, government expenditure and gross fixed capital formation was offset by a fall in international trade flows.

The Gross Domestic Product (GDP) in the United Kingdom expanded 0.40% in the fourth quarter of 2022 over the same quarter of the previous year, in line with analysts' estimates, preliminary data showed

Monthly GDP MoM in the United Kingdom decreased to -0.50% in December from 0.10% in November, above expectations of -0.3%

Industrial Production increased 0.30% in December over the previous month,above expectations of -0.2%

Manufacturing Production increased to 0.0% in December from -0.60% in November, above expectations of -0.2%

 GBPUSD saw a relatively small reaction to today’s data set. Initially currency pair fell after however buyers manage to quickly regain control. Source: xStation5