Prior -0.3%Services +0.1% vs +0.1% m/m expectedPrior -0.4%; revised to -0.3%Industrial output -0.9% vs 0.0% m/m expectedPrior -0.6%Manufacturing output -1.0% vs -0.1% m/m expectedPrior -0.9%; revised to -0.7%Construction output -0.6% vs +0.2% m/m expectedPrior +0.9%; revised to +0.8%
The drag in UK GDP on the month largely comes from the industrial side as services contributed with just marginal growth. A further slowdown in the economy will only serve to fan the fires of another rate cut by the BOE sooner rather than later.
This article was written by Justin Low at www.forexlive.com.