U.K Prelim GDP report

Sterling did not change that much when the prelim GDP report released today, 0.1% lower than forecast, Change in gross domestic product (GDP) is the main indicator of economic growth. GDP increased by 0.8% in Q1 2014 compared with growth of 0.7% in Q4 2013. Output increased in three of the four main industrial groupings within the economy in Q1 2014 compared with Q4 2013. In order of their contribution, output increased by 0.9% in services, 0.8% in production and 0.3% in construction. However, output decreased by 0.7% in agriculture. In Q1 2014 GDP was estimated to be 0.6% below the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%. GDP was 3.1% higher in Q1 2014 compared with the same quarter a year ago.

The sterling pound fluctuated by less than 0.01% at the report time to keep morning records at 1.3879 as morning session high rising from 1.3849 the lowest rate for the same period.

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