UK Q1 final GDP -2.2% vs -2.0% q/q prelim

Author: Justin Low | Category: News

Latest data release by ONS - 30 June 2020

  • GDP -1.7% vs -1.6% y/y prelim
  • Private consumption -2.9% vs -1.7% q/q prelim
  • Government spending -4.1% vs -2.6% q/q prelim
  • Exports -13.5% vs -10.8% q/q prelim
  • Imports -9.4% vs -5.3% q/q prelim
  • Total business investment -0.3% vs 0.0% q/q prelim
Slight delay in the release by the source. The preliminary report can be found here. All of the revisions were softer relative to initial estimates and that points to a deeper impact from the virus fallout in the UK economy, which we will see more of in Q2.

It isn't a pretty picture as household spending recorded its largest quarterly fall - in nominal terms - on record in Q1. Of note, the household saving ratio rose to +8.6% vs +6.6% in Q4 2019, the highest level since Q1 2016.

Cable now down to the lows for the day at 1.2280, with the dollar keeping firmer in general as the risk mood turns a little softer to start the session.
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