UK Q2 GDP first reading now out 26 July
- 0.2% prev
- yy 1.7% as exp vs 2,0%
- index of services mm 0.2% vs 0.1% exp vs 0.2% prev
- 3mth-3mth 0.4% as exp vs 0.2% prev
- BBA mortgages 40,200 (lowest since Sept 2016) vs 40k exp vs 40280 prev
- net mortgage lending £2.42bln , highest since March 2016, vs 1.83bln prev
- net credit card lending £0.28bln vs 0.114bln prev
Bang in line with expectations albeit qq higher than previous and yy softer than previous. Higher borrowing levels remain a concern.
Services sector once again driving the data.
- UK economy has experienced a notable slowdown in H1 2017
- The growth in Quarter 2 2017 was driven by services, which grew by 0.5% compared with 0.1% growth in Quarter 1 (Jan to Mar) 2017.
- The largest contributors to growth in services were retail trade, which improved after a fall in the first quarter, and film production and distribution.
- Construction and manufacturing were the largest downward pulls on quarterly GDP growth, following 2 consecutive quarters of growth.
GBPUSD 1.3020 after a quick spike to 1.3044
EURGBP back to 0.8934 after a quick dip to 0.8913
Oh well, bring on the FOMC then for another anti climax.
Full report from ONS here
UK GDP qq
