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Oct 27, 2015
UK GDP came lower than market expectations - TDS
FXStreet (Delhi) – Ned Rumpeltin, European Head of Currency Strategy at TD Securities, note that the UK GDP for 15Q3 came out at 0.5% q/q, just a tick lower than our and markets expectations of 0.6% q/q.
Key Quotes
“Construction data weighed on output in the quarter, while the services sector performed very strongly. The release masks a compositional shift in UK output this year. The UK domestic / services sectors have performed well through the third quarter as real wage growth is strong and confidence is high.”
“Meanwhile, the trade / production sectors have been choppy, largely reflecting the effects of stronger GBP. Construction data, as always, remains highly volatile (and of questionable accuracy). The Index of Services was also released for August, remaining flat on the month (markets expected a gain of 0.2% m/m). Note this number is already included in the GDP estimate for the quarter.”
Key Quotes
“Construction data weighed on output in the quarter, while the services sector performed very strongly. The release masks a compositional shift in UK output this year. The UK domestic / services sectors have performed well through the third quarter as real wage growth is strong and confidence is high.”
“Meanwhile, the trade / production sectors have been choppy, largely reflecting the effects of stronger GBP. Construction data, as always, remains highly volatile (and of questionable accuracy). The Index of Services was also released for August, remaining flat on the month (markets expected a gain of 0.2% m/m). Note this number is already included in the GDP estimate for the quarter.”