UK GDP Flatlines in January and Should Fall Into Contraction in Later Months

The post-election bounce doesn’t appear to be as great as expected but this hardly matters at this stage, particularly after the BOE action today. It is all about post-virus economic conditions now and the UK budget announcement later today.

• Manufacturing production +0.2% vs +0.2% m/m expected
• Prior +0.3%
• Manufacturing production -3.6% vs -3.5% y/y expected
• Prior -2.5%

• Industrial production -0.1% vs +0.3% m/m expected
• Prior +0.1%
• Industrial production -2.9% vs -2.6% y/y expected
• Prior -1.8%

• Construction output -0.8% vs +0.1% m/m expected
• Prior +0.4%
• Construction output +1.6% vs +2.4% y/y expected
• Prior +5.0%