UK GDP contracts by 0.3% in April, a negative surprise

• UK GDP arrived at -0.3% MoM in April vs. 0.2% expected.
• GBP/USD remains capped below 1.2300 on downbeat UK GDP.

The UK GDP monthly release showed that the economy unexpectedly contracted in April, arriving at -0.3% vs. 0.2% expectations and -0.1% previous.

Meanwhile, the Index of services (April) came in at 0% 3M/3M vs. 0.4% estimate and 0.4% prior.

​

https://www.fxstreet.com/news/uk-gdp-contracts-by-03-in-april-a-negative-surprise-202206130601

https://www.theguardian.com/business/live/2022/jun/13/uk-gdp-report-for-april-released-as-recession-fears-grow-business-live