According to the latest data, the UK economy expanded by 0.1% quarter-on-quarter in the first three months of 2023. This is the same rate of growth as in the previous quarter, and it matches market expectations.
On an annualized basis, the GDP expanded by 0.2% in Q1, which was in line with expectations but below the 0.6% growth registered in the previous quarter.
In March, the monthly GDP release revealed that the economy contracted unexpectedly by 0.3%, compared to expectations of 0% growth and no change from the previous month.
The Index of Services for March showed a 0.1% growth compared to the previous three months, in line with expectations.
Following the release of these mixed UK growth numbers, the GBP/USD exchange rate managed to stay above the 1.2500 level. As of writing, the exchange rate remains stable on the day at 1.2512.
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