FLASH: UK industry data only nudge 1Q18 GDP
- Manufacturing output dipped again in Apr-18, albeit broadly consistent with what the ONS assumed for GDP. Energy disappointed it, though, with Q1 IP 0.1pp softer.- The persistent upwards revisions to construction output continued, with Q1’s spuriously large decline trimmed 0.5pp. On balance, the GDP effect is about 2bp.
- Trade data revealed a slightly larger deficit but the ONS notes a likely contribution to Q1 GDP of about 0.1pp, which matches my existing forecast expenditure split.
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