UK GDP report for Q2 2023 as well as production data for June were released this morning at 7:00 am BST. Report turned out to be a positive surprise with GDP growth beating estimates and production data also outperforming.
UK economy grew at a pace of 0.2% QoQ in Q2 2023 while market expected no growth (0.0% QoQ). It looks like such a solid growth was achieved thanks to a much better production in June than expected. Interestingly, ONS said that a number of business explained a surge in production in June with a new bank holiday in May that caused them to ramp up production in the next month.
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Open account Try demo Download mobile app Download mobile appGBP surged on the news with GBPUSD breaking above 1.2700 mark.
GDP report for Q2 2023
- Annual: 0.4% YoY vs 0.2% YoY expected (0.2% YoY previously)
- Quarterly: 0.2% QoQ vs 0.0% QoQ expected (0.1% QoQ previously)
Data pack for June
- Industrial production: +0.7% vs -1.2% YoY expected (-2.3% YoY previously)
- Manufacturing production: 3.1% YoY vs 0.4% YoY expected (-1.2% YoY previously)
- Trade balance: -15.46 billion GBP vs -16.5 billion GBP (-18.72 billion GBP previously)
GBPUSD surged following release of UK GDP report for Q2 2023. The pair climbed back above 1.2700 mark following the release. Source: xStation5
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