The Gross Domestic Product (GDP) of the United Kingdom for the month of January rose to 0.8% from -0.2% in December, showing its highest growth since June 2021. The result improves market expectations, whose consensus predicted a 0.2% increase.
UK industrial production grew by 0.7% in the same period, above the previous 0.3% and the 0.1% expected. On a year-over-year basis, the indicator rose 2.3% compared to the previous 0.4% and the estimated 1.9%.
The monthly manufacturing output rose to 0.8% from 0.2% in the previous month, exceeding the 0.2% forecast by the market. Annually, the indicator rose 3.6% vs. 1.3% prior and 3.1% expected.
Finally, the UK trade balance increased its deficit to -26.499B in January pounds from -12.354B previously, notably worsening the -12.6B estimate.
GBP/USD reaction
The GBP/USD has reacted to the data with a slight rise of just 10 pips that has lifted it above 1.3100. Earlier, at the end of the Asian session, the pair fell to 1.3069, its lowest level in the last 22 months.
At time of writing, the pair is trading above 1.3098, gaining 0.11% on the day.
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
