UK GDP grew strongly by 0.5% in January, well above expectation of 0.2% mom. Services rose 0.3%, production rose 0.6%, manufacturing rose 0.8% and construction jumped 2.8%. Though, agriculture dropped -1.3%. Rolling three-month growth was unchanged at 0.2% qoq.
ONS Head of GDP Rob Kent-Smith said: “Across the latest three months, growth remained weak with falls in manufacture of metal products, cars and construction repair work all dampening economic growth. These were offset by strong performances in wholesale, IT and health services. This sluggish growth came despite the economy bouncing back from a weak December.”
Also from UK, visible trade deficit widened to GBP -13.1B in January. Industrial production rose 0.6% mom, -0.9% yoy versus expectation of 0.2% mom, -1.3% yoy. Manufacturing production rose 0.8% mom, -1.1% yoy versus expectation o f0.2% mom, -1.9% yoy.
