UK GDP grew 2.1% mom in March, well above expectation of 1.3% mom. That’s the fastest monthly growth since August 2020. For the month, service sector grew 1.9% mom, production grew 1.8% mom, construction rose 5.8% mom. Still GDP is -5.9% below the pre-pandemic level since in February 2020, and -1.1% below the initial recovery peak in October 2020.
For Q1, GDP contracted -1.5% qoq, versus expectation of -1.6% qoq. Household expenditure dropped -3.9% qoq. GFCF dropped -2.3% qoq. GDP per head dropped -1.6% qoq.
Also released, industrial production rose 1.8% mom, 3.6% yoy in March versus expectation of 1.0% mom, 2.8% yoy. Manufacturing production rose 2.1% mom, 4.8% yoy, versus expectation of 1.0% mom, 3.8% yoy. Goods trade deficit narrowed to GBP -11.7B, smaller than expectation of GBP -14.5B.
