GDP (MoM) (UK)
Event Date: Monday, November 7, 2022
Event Time: 07:00 CET
Updated Monday, November 7, 2022
The UK economy took a hit during the coronavirus lockdown months. In February the economy shrank by 0.1%, while in March the contraction deepened to -5.8%, but in April we saw the biggest contraction ever at -20.5% in Q2, which was revised lower to -19.8%. After the reopening, the UK economy rebounded strongly. Although, since November numbers have been volatile, as restrictions increased. But, with the reopening the economy started to grow again posting a 2.1% expansion in March and in April it grew by 2.3%. Although. It has been positive since then, but it cooled off to 0.1% in July while in August is expected to come at 0.5%. In January we saw a decent jump of 0.8% after a contraction in December, but GDP turned negative at -0.1% in March, April was worse at -0.3% while May came at 0.5%. The UK Economy contracted again in June by 0.6%, while August showed a 0.2% expansion. September is expected at -0.4% while the prelim reading for Q3 is expected at -0.5%. Please follow us for live coverage in real-time of the event by experienced analysts.
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About GDP (MoM) (UK)
Gross Domestic Product (GDP) measures the total value of a country’s industrial output over a given period. It consists of the aggregate domestic production of goods and services by individuals, businesses, and government. GDP data is available in dollar or index form. U.K. GDP (MoM) is the comparison of growth from one fiscal quarter to the next, represented in a percentage format.GDP (MoM) is a leading indicator of U.K. economic health. High levels of GDP growth are viewed as being positive for U.K. indices as well as the GBP. Low levels of growth are negative to most asset classes and are common to recessionary cycles. The Bank of England (BOE) places a great deal of emphasis on monthly and yearly GDP. Robust growth is often a prelude to monetary tightening, while stagnate levels provide an environment conducive to Quantitative Easing (QE).Traders monitor GDP (MoM) releases closely. Abnormal reports may cause rapid buying or selling of the U.K. indices or GBP. Currency, equities, and commodities markets all exhibit enhanced degrees of volatility surrounding the GDP release.