- British GDP stood at -0.5% month-on-month in July, compared to -0.2% expected.
- GBP/USD continues to fall below 1.2500 following poor UK GDP data.
According to the latest data published by the Office for National Statistics (ONS) on Wednesday, The British economy contracted 0.5% in July, after an expansion of 0.5% in June. The market consensus pointed to a contraction of 0.2%.
For its part, The July services index stood at 0.1% quarter-on-quartercompared to the estimated -0.1% and the previous 0.1%.
About British GDP
The Gross Domestic Product (GDP) published by the Institute for National Statistics is a measure of the total value of all goods and services produced in the United Kingdom. GDP is considered a broad measure of economic activity in the United Kingdom. Generally speaking, an uptrend has a positive effect on the GBP, while a downtrend is considered negative (or bearish).
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.
