- UK quarterly GDP contracted 1.5% in the first quarter versus -1.6% expected.
- UK GDP hit 2.1% MoM in March versus 1.4% expected.
The British economy contracted 1.5% quarter-on-quarter in the first quarter of 2021 compared to 1.3% growth observed in the fourth quarter and expectations of -1.6%. On an annualized basis, the Kingdom’s GDP reached -6.1% in the first quarter compared to -6.1% expected and -7.3% seen in the last quarter.
The UK’s monthly GDP figure showed that the economy expanded more than expected in March, reaching 2.1% compared to 1.4% expected and 0.4% above.
Meanwhile, the services index reached -2% qoq in March compared to -2.1% previously.
About UK GDP
The Gross Domestic Product published by National Statistics is a measure of the total value of all goods and services produced by the UK. GDP is seen as a broad measure of UK economic activity. Generally speaking, an uptrend has a positive effect on the British pound, while a declining trend is seen as negative (or bearish).
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