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British currency rises after gross domestic product growth data

2019-07-10 09:59 am | Resource: News | No Views : 16

 British currency rises after GDP growth data


 Pound advanced against the major currencies after a series of data released during the European session on Wednesday, most notably the rise in GDP growth in three months until May 2019

GDP growth in the UK increased by 0.3% in the quarter to May

UK gross domestic product (GDP) rose by 0.3% in the quarter to May compared to the previous three months, according to monthly estimates released by the country's National Statistics Office on Wednesday. This figure represents a slowdown from the revised 0.4% growth recorded in the three months to April. On a monthly basis, the UK economy grew by 0.3% in May.

GDP grew moderately in the last three months, with the strength of ICT and retail. Despite this, there has been a long-term slowdown in the service sector, which has been largely dominated since the summer of 2018
  • Quarterly growth in both the services and production sectors was 0.3%, with mining and quarrying growing by 1.6% and manufacturing growth slowing to 0.1%.

Industrial production in the UK rose 1.4% in May

UK industrial output rose 1.4% in May from a month ago due to a surge from all four major sectors, the country's national statistical office said in a statement on Wednesday. The latest report follows a significant 2.9% decline in monthly production in April, with manufacturing the largest contributor.

Production production rose by 0.3% for the three months to May 2019, compared to the previous three months. The result is the fourth consecutive increase in production since the beginning of the year, with mining and quarrying, as well as oil and gas extraction, the largest contributor to total production gains. During the same time frame, record production of transport equipment is the largest decline.
  • Total production output for the three months to May 2019 rose by 0.4% yoy.

The UK trade deficit fell by £ 4.6 billion in May to £ 12.6 billion

The UK's total trade deficit fell 4.6 billion pounds in the three months to May to 12.6 billion pounds, the National Bureau of Statistics said in a report released on Friday. This step helped lower imports of chemicals, machinery and equipment.

In the three months to May, the trade deficit narrowed to 39.7 billion pounds from 44.3 billion pounds in the previous quarter. Commodities imports fell 3.9 billion pounds to 128.9 billion pounds, while goods exports rose 0.7 billion pounds to 89.2 billion pounds. The balance of trade in services remained unchanged from the previous three months at £ 27.1 billion.
  • The UK trade deficit widened by £ 20.6 billion to £ 46.2 billion in May on an annualized basis.
  • The goods deficit rose by 15.7 billion pounds to 153.5 billion pounds and the surplus of services was less than 4.9 billion pounds to 107.3 billion pounds.

GBP Trades
 
  • The pound rose to 1.2485 against the dollar after hitting its lowest level in 2019.
  • The pound rose from a weekly low of 135.95 against the yen.
  • The Sterling dropped to 1.2375 against the Franc. .
  • The British currency hit a six-month low of 0.8989 against the euro.


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