UK GDP contracted notably by -0.5% mom in December, even worse than expectation of -0.3% mom. Services declined by -0.8% mom. Production rose 0.3% mom. Construction was flat for the month.
In Q4, GDP showed 0.0% qoq growth, matched expectations. Services sector was flat on the quarter. Production dropped -0.2% qoq while construction grew 0.3% qoq.
For 2022 as a whole, GDP grew 4.0%, following a 7.6% expansion in 2021.
Also released, industrial production came in at 0.3% mom -4.0% yoy in December, versus expectation of -0.2% mom, -5.3% yoy. Manufacturing was at 0.0% mom, -5.7% yoy, versus expectation of -0.2% mom, -6.1% yoy. Goods trade deficit widened from GBP -14.7B to GBP -19.3B, above expectation of GBP -17.2B.
