Latest data released by ONS - 12 March 2021
- Prior +1.2%
- GDP -1.7% vs -2.6% 3m/3m expected
- Prior +4.1%
Slight delay in the release by the source. The drop in economic activity in January isn't as bad as feared, so that is arguably a bit of a relief amid lockdown measures in the UK at the time. But still, it's not quite a good look to start the new year.
The details show that January GDP was 9% below levels seen in February last year as compared with 4% below said levels in October (initial recovery peak).
That said, the market remains more focused on the vaccine rollout and reopening narrative and all of that is progressing relatively smoothly for the UK for now.
