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UK GDP Expansion Confirmed at 0.3% in Q1

UK GDP Expansion Confirmed at 0.3% in Q1

2013-05-23 09:30:00
Benjamin Spier, Technical Strategist
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THE TAKEAWAY: UK GDP confirmed at 0.3% in Q1 -> Consumer and government spending disappoints expectations -> Pound trading steady

A second estimate of the UK gross domestic product confirmed that the economy expanded by 0.3% in the first quarter of 2013. The economic expansion saved the UK from a triple dip recession. The GDP rose 0.6% from Q1 2012, according to the UK Office for National Statistics.

Private consumption increased by 0.1% in Q1, disappointing expectations for a 0.3% increase. Government spending was unchanged, also disappointing expectations for a 0.2% increase. However, exports declined 0.8% in the first quarter, better than expectations for the exports to decline 1.0%.

The Pound did not react significantly to the GDP release, and Cable is trading around 1.5075 at the time of this writing. GBP/USD may next see support by the key 1.5000 figure, and the pair may again see resistance by the 1.5250 figure.

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GBPUSDDaily: May 23, 2013

UK_GDP_Expansion_Confirmed_at_0.3_in_Q1_body_gbpusd.png, UK GDP Expansion Confirmed at 0.3% in Q1

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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