UK: Second quarter GDP surprises with 0.2% rise vs. -0.1% expected

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The Gross Domestic Product (GDP) of the United Kingdom grew by 0.2% in the second quarter of the yeareither, improving the 0.1% contraction forecast, although it weakens compared to the first quarter, when it stood at 0.8%. This is the fifth consecutive quarter in which the country’s growth continues to expand.

The Year-on-year GDP has grown at a rate of 4.4% in the months from April to June, below the previous 8.7% but exceeding the 2.9% estimated by the market consensus.

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The current account for the second quarter has moderated its deficit to -33.768B pounds from the previous -43.875B (revised figure from -51.7B), improving the -43.8B estimate.

GBP/USD reaction

The pound has barely reacted to the data and GBP/USD maintains much of the gain from early American trading yesterday that took it to a one-week high of 1.1203 in today’s Asian open. At time of writing, the pair is trading above 1.1125, gaining 0.05% daily.

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Source: Fx Street

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