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Economic news
15.08.2024

European session review: GBP appreciates, following strong Q2 GDP data

TimeCountryEventPeriodPrevious valueForecastActual
06:00United KingdomManufacturing Production (MoM) June0.3%0.1%1.1%
06:00United KingdomIndustrial Production (MoM)June0.3%0.1%0.8%
06:00United KingdomGDP m/mJune0.4%0%0%
06:00United KingdomGDP, q/qQuarter II0.7%0.6%0.6%


GBP strengthened against most of its major counterparts in the European session on Thursday as data showed that the UK economy continued to grow at a solid pace in the second quarter.

The Office for National Statistics (ONS) reported its preliminary estimates revealed that Britain’s gross domestic product (GDP) increased by 0.6% QoQ last quarter after a 0.7% QoQ advance in the first quarter of 2024, matching economists’ forecast. On a YoY basis, the UK expanded by  0.9%, recording its largest annual rise since the third quarter of 2002. The reading was also in line with economists’ expectations. 

The preliminary second-quarter GDP growth data confirmed that the British economy stays in decent shape, supporting the notation that the Bank of England can reduce its interest rates at a steady pace. Markets continue to expect 1-2 additional 25-basis-point rate cuts from the BoE by the end of the year after the first decrease earlier this month.

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