Analysts at TD Securities point out that the UK economy out-performed market expectations in February, gaining 0.2% m/m (in line with their forecast).
Key Quotes
“The gains were broad-based across components, with IP reflecting the strength seen in France and Italy earlier today, gaining 0.6% m/m. The services sector rose 0.1% m/m, while construction built further on last month’s gains, rising 0.4%. Taken with January’s strong 0.5% m/m gain, 19Q1 growth is on track for a 0.5% quarter (assuming no change in March). The real risk is that this pick-up is all related to Brexit preparations and unwinds sharply in 19Q2.”
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