| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | United Kingdom | Business Investment, q/q | Quarter III | 1.4% | 0.5% | 1.2% |
| 07:00 | United Kingdom | Manufacturing Production (MoM) | September | 1.3% | -0.1% | -1.0% |
| 07:00 | United Kingdom | Industrial Production (MoM) | September | 0.5% | 0.1% | -0.5% |
| 07:00 | United Kingdom | GDP m/m | September | 0.2% | 0.2% | -0.1% |
| 07:00 | United Kingdom | GDP, q/q | Quarter III | 0.5% | 0.2% | 0.1% |
| 07:00 | United Kingdom | GDP, y/y | Quarter III | 0.7% | 1% | 1.0% |
| 07:45 | France | CPI, m/m | October | -1.2% | 0.2% | 0.3% |
| 07:45 | France | CPI, y/y | October | 1.1% | 1.2% | 1.2% |
GBP depreciated against most of its counterparts in the European session on Friday as investors reacted to the UK’s advance gross domestic product (GDP) growth estimate, which indicated a sharper-than-anticipated slowdown in the UK economy in the third quarter of 2024.
The Office for National Statistics (ONS) reported its preliminary estimates showed the UK’s economy grew 0.1% QoQ in the third quarter, following a 0.5% QoQ advance in the previous quarter. Economists had predicted a 0.2% QoQ expansion.
The worse-than-expected third-quarter GDP growth print was due to an unexpected 0.1% MoM contraction in the British economy in September, driven by a decline in manufacturing output (-1.0% MoM) and information and communication services (-2.0% MoM).
Compared to the third quarter of 2023, Britain’s GDP increased 1.0% - the most since the fourth quarter of 2022 (+1.5%) - matching economists’ forecast.
Today’s depreciation keeps the pound on track for its worst run of weekly declines in a decade.