Details of the UK's first GDP data for Q1 2015

  • Prior 0.6%
  • 2.4% vs 2.6% exp y/y. Prior 3.0%
  • Services output 0.5% q/q vs 0.9% in Q4
  • Industrial output -0.1% q/q vs +0.2% Q4
  • Construction -1.6% vs -2.2% prior q/q
  • Feb index of services 0.3% vs 0.5% exp m/m. Prior -0.2%
  • 0.7% vs 0.7% exp y/y. Prior 0.8%

In the services sector business and financials did the damage posting only a 0.1% gain following 1.3% in Q4. Elsewhere, mining and quarrying slumped, as did water. This was countered somewhat by a strong rise in Electricity, gas and steam

Not the greatest report for the current government to take into the election next week but it's likely music to the oppositions ears

GBP/USD smacked down to 1.5176 from 1.5220, EURGBP up to 0.7169 from 0.7135

UK GDP Q1 2015 y/y