UK GDP in March +0.3%, Exceeding All Forecasts
The UK economy grew 0.3% month-on-month in March, exceeding all estimates in a survey of economists. The median consensus had previously forecast -0.1% month-on-month, with a range of projections from -0.3% to +0.2% (26 economists), according to the ONS report.
In terms of activity, the services sector rose 0.3% month-on-month (estimate -0.1%) and 0.8% year-on-year. Industrial production fell 0.2% month-on-month (as estimated) and remained unchanged year-on-year, while manufacturing surged 1.2% month-on-month (estimate -0.1%) and 1.2% year-on-year.
Externally, the goods trade deficit was recorded at GBP 27.218 billion, with a total trade deficit of GBP 9.658 billion. This stronger-than-expected growth surprise has the potential to alter the market's reading of economic momentum, so market participants will be monitoring the consistency of subsequent activity data and its implications for policy expectations. (asd)*
Source: Newsmaker.id
