UK GDP and Production Figures Sink the Pound

It was a busy morning on the UK economic calendar. Q1 GDP and industrial and manufacturing Production figures drew attention.

Disappointing numbers weighed on the Pound ahead of the UK open.

h2 idukeconomygrowsmoreslowlythananticipatedinq1UK Economy Grows More Slowly than Anticipated in Q1h2

In the first quarter, the UK economy grew by 0.8 quarteronquarter versus a forecasted 1.00. The economy expanded by 1.3 in the previous quarter.

Yearonyear, the economy grew by 8.7 versus a forecasted 9.0. The economy expanded by 6.6 in the fourth quarter of last year.

In March, the economy contracted by 0.1 after no growth in February.

Service fell by 0.2 on the month, weighing on growth in March.

Production fell by 0.2, partially offset by construction 1.7.

Manufacturing production fell by 0.2, with the manufacture of basic pharmaceutical products and pharmaceutical preparations 5.4 being the largest contributors to the production decline.

Monthly GDP is 1.2 above its preCOVID pandemic level.

Despite a bad March, Services is 1.5 above its precoronavirus level.

Construction and production were 3.8 and 1.6 below, however.

Ahead of todays stats, the Pound struck a currentday high of 1.22596 before hitting reverse.

In response to todays stats, the Pound slid to a currentday low of 1.21807.

At the time of writing, the a hrefhttps:www.fxempire.comcurrenciesgbpusdPounda was down by 0.53 to 1.21873.

Looking at the Futures, the FTSE100 was down 164 points, with the European bourses and US majors also set for a bearish open.