He UK Gross Domestic Product (GDP) stagnated at 0% in the preliminary reading for the fourth quarter of 2022, as expected. Third quarter economic growth was revised from -0.3% to -0.2%.
He Annualized GDP in the months from October to December grew by 0.4%, fulfilling forecasts, below the previous 1.9%. This is the lowest rate of growth seen in the UK since the first quarter of 2021.
On the other hand, the industrial and manufacturing production data for December were published, showing better than estimated results. The industrial production grew 0.3% monthly, above the 0.1% of November and the estimated -0.2%. The manufacturing production indicator stagnated at 0%, but improved the falls of 0.6% in November and the 0.2% forecast for today.
GBP/USD reaction
The pound has reacted with a 25-pip rebound, although it remains close to the daily low area tested in the Asian session at 1.2089. At the time of writing, the GBP/USD It is trading above 1.2103, losing 0.13% daily.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
