Once again the UK posted stronger-than-forecast first quarter GDP after consensus economists were once again surprised by stronger than expected gains.
GDP gained 0.2% from January, when it jumped 0.5%, economists had expected output to flat-line. The pickup in February was broad based, with manufacturing rising 0.9% and construction gaining 0.4%. Good luck to remainers attibuting the rise in construction to “stockpiling”…
The trade deficit narrowed marginally in February. Exports rose and there was little evidence in the data of firms supposedly hoarding foreign goods in case of a no-deal Brexit, with imports falling in both value and volume terms. Pharma was an exception – suggesting there will be no interruption in supplies in the event of a no deal exit.
GDP grew at the fastest rate since 2017. Despite Brexit!