Q1 2015 UK GDP revisions data report 28 May 2015

  • Flash 0.3%. Q4 2014 0.6%
  • 2.4% vs 2.5% exp y/y. Flash 2.4% Q4 3.0%
  • Exports -0.3% vs -0.2% exp q/q. Prior 4.6%
  • Imports 2.3% vs 1.2% exp q/q. Prior 1.6%
  • Private consumption 0.5% vs 0.7% exp q/q. Prior 0.6%
  • Government spending 0.6% vs 0.3% exp q/q. Prior -0.2%
  • Gross fixed cap formation 1.5% vs 0.9% exp. Prior -0.6%
  • Business investment 1.7% vs 1.6% exp q/q. Prior -0.9%
  • 3.7% y/y unch

The pound has lost ground on the headline number but there are reasons to be cheerful. Exports are down, and there will be moaning about the pound's strength, Imports are up and the plus side to that is that the low prices/ high pound environment is making those imports cheaper.

Government spending is higher which will be a boost to the economy (no matter how it's paid for) as is gross fixed cap formation (infrastructure), and business investment, which is very good news if sustained

UK GDP y/y