- Prior 0.7%
- 2.7% vs 2.8% exp. Prior 2.6%
- Q4 services 0.8% vs 0.8% in Q3
- Manufacturing 0.1% vs 0.3% prior q/q
- Electricity, gas & steam -2.8% vs +2.8% prior q/q
- Full 2014 GDP 2.6% vs 1.7% in 2013
Lower than expected but in and around the levels the market was expected. The ONS says that it’s too early to tell if there is a general slowdown of the economy. The services numbers for December would have put pay to any thoughts that a late rally in other parts of the economy would have been enough to keep GDP afloat. We know manufacturing hasn’t been hot all year but construction has seen the biggest drop since Q2 2012, -1.8% vs +1.6% prior.
GBP/USD has lost around 30 pips to 1.5060 and we’ll see if the numbers are worse enough to drive rate hike expectations further back.
UK Q4 2014 GDP details 27 01 2015
UK Q4 GDP y/y 27 01 2015
