According to analysts at TD Securities, UK’s 19Q1 GDP came in as TDS, the consensus, and the Bank of England expected, at 0.5% q/q.
Key Quotes
“Details of the quarterly report showed the first gain in business investment (+0.9% q/q) since 2017, which will give the BoE some comfort. Ahead of the (initial) March 29 Brexit deadline, firms were building significant inventories, and this contributed strongly to growth. Government spending was also very strong, likely due to expenditures on No-Deal preparations. On a monthly basis, March GDP growth slipped 0.1% (mkt/TD: 0.0%) on account of weak services (-0.1% m/m) and construction (-1.9% m/m) output. The manufacturing sector recorded a third consecutive monthly gain at 0.9% m/m.”
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