| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | United Kingdom | GDP, q/q | Quarter IV | -0.1% | -0.3% | -0.3% |
| 07:00 | United Kingdom | Business Investment, q/q | Quarter IV | -2.8% | 1.5% | 1.4% |
| 07:00 | United Kingdom | GDP, y/y | Quarter IV | 0.2% | -0.2% | -0.2% |
| 08:55 | Germany | Unemployment Change | March | 12 | 10 | 4 |
| 08:55 | Germany | Unemployment Rate s.a. | March | 5.9% | 5.9% | 5.9% |
| 09:00 | Eurozone | M3 money supply, adjusted y/y | February | 0.1% | 0.3% | 0.4% |
GBP weakened against most of its major counterparts in the European session on Thursday as the UK GDP data confirmed that the country’s economy contracted in the fourth quarter of 2023 and sank into a recession in the second half of 2023.
The Office for National Statistics reported earlier today that its final estimates showed that the UK’s GDP fell by 0.3% QoQ in the fourth quarter last year after a slip of 0.1% QoQ in the third quarter. The latest figures were in line with the preliminary estimates and economists’ expectations. Over the second half of 2023, GDP decreased by a cumulative 0.4%.
As there were no surprises in the updated GDP numbers, investors responded rather calmly to them, though some disappointment was felt as the data reminded about a weak performance of Britain’s economy in 2023, hit by elevated inflation and high-interest rates that restrained household spending.