UK July GDP +0.3% vs +0.1% m/m expected

Author: Justin Low | Category: News

Latest data release by ONS - 9 September 2019


  • Prior 0.0%
  • GDP 0.0% vs -0.1% 3m/3m expected
  • Prior -0.2%
A surprise beat to July economic growth with services output being the big contributor here. Services returned to growth, showing a +0.3% m/m rise (biggest monthly jump since November 2018) and that helped with the bounce here.

However, ONS notes that the underlying picture still shows weakening growth throughout the year for the most part.

The headline is encouraging at least and perhaps it may see the UK narrowly avoid a technical recession this year but let's see how things fare in August and September before jumping to that conclusion.

The pound trades at session highs currently with cable at 1.2300 but I don't see this move causing a sustained rise with shorts still primed closer to 1.2350 as well.

There's also factory activity data released at the same time are as per below:

  • Manufacturing production +0.3% vs -0.3% m/m expected
  • Prior -0.2%
  • Manufacturing production -0.6% vs -1.2% y/y expected
  • Prior -1.4%
  • Industrial production +0.1% vs -0.3% m/m expected
  • Prior -0.1%
  • Industrial production -0.9% vs -1.1% y/y expected
  • Prior -0.6%
  • Construction output +0.5% vs +0.2% m/m expected
  • Prior -0.7%
  • Construction output +0.3% vs +0.1% y/y expected
  • Prior -0.2%

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose