FLASH: UK GDP slowdown remains elusive into Q1
- GDP growth was confirmed at 0.4% q-o-q in the ONS’s third estimate as expected. I’m still tracking the same pace for Q1, which would beat the BoE’s current view.- Services output growth strengthened into 2018, contrary to the PMI, which is more noise than signal other than when there are significant trend changes.
- The current account deficit was surprisingly small as FDI income trends have swung more than a £11bn improvement in 2yrs, thereby reducing current account risks.
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