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United Kingdom: GDP for the first quarter meets forecasts and falls to 0.8%

The Gross Domestic Product (GDP) of the United Kingdom it has met expectations, falling five tenths in the first quarter of 2022 compared to the fourth of 2021. The indicator stood at 0.8% compared to the previous 1.3%, its lowest figure in a year.

The Annualized GDP has grown 2.1 percentage points, reaching 8.7% vs. 6.6% prior, as expected. This is its highest level since the second quarter of 2021, when the economy grew by 23.6%.

The United Kingdom has also published its figures for current account of the first three months of the year, signaling a sharp drop in the deficit to -51.7B pounds from -7.3B previously, worsening the -39.8B estimate.

GBP/USD reaction

The GBP/USD has risen nearly 15 pips after the data, rising to daily highs of 1.2159. Earlier, the pair hit a daily low at 1.2107, very close to the two-week bottom touched yesterday at 1.2105. At time of writing, the pound is trading against the dollar above 1.2156, gaining 0.29% daily.

Source: Fx Street

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