UK GDP

The Pound has fallen this morning following the release of the latest UK GDP figures that indicate that the UK slipped back into recession in the first quarter of 2012. According to the Office for National Statistics (ONS) Gross Domestic Product (GDP) fell 0.2% quarter on quarter and was unchanged year on year. The contraction in UK GDP came as a surprise to many analysts who had been expecting a small amount of growth in the region of 0.1% QoQ. Today’s GDP figures are a preliminary estimate based on about 40% of the data that will be used by the ONS to reach the final GDP figure and many will be hoping that the reading could be revised higher at a later date.

GBPUSD 1.6095
GBPEUR 1.2175
EURGBP 0.8214
EURUSD 1.3220

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25/04/12 09:55