Latest data released by ONS - 10 July 2018
- Monthly GDP 3m/3m change +0.2% vs +0.2% expected
- Index of services +0.3% vs +0.2% m/m expected
- Prior +0.3%; revised to +0.4%
- Index of services 3m/3m +0.4% vs +0.4% expected
- Prior +0.2%
Slight delay in the release by the source. All in line with estimates here, nothing much to glean from the report bu the factory output data was a tad softer than expected and that is weighing on sterling a little.
The 3m/3m change is similar to the NIESR GDP estimate for May, so not much of a surprise really. ONS says that the growth seen here is modest and driven heavily by services and offset by fall in construction and industrial output (as seen in the factory output data).
Well, the jump in services can be heavily attributed to the Royal Wedding too I reckon.
