Analysts at TD Securities assess the latest Gross Domestic Product (GDP) data from the UK.
Quarterly GDP on track to surprise the MPC to the upside
"UK GDP rose 0.1% m/m in February, following an upwardly revised 0.3% m/m expansion in January. While both hospital and food services fell sharply, as we expected, a notable 6.5% m/m surge in “land transport services and transport services via pipelines” coupled with a 1.5% m/m rise in telecommunications were enough to drive up services 0.1% m/m. Moreover, a sharp 1.2% m/m increase in manufacturing output also helped drive the upside surprise, largely on the back of transport equipment, which rose by 3.7% m/m."
"Overall, the better than projected increase in February together with a 0.1ppts upside revision to the January data leaves quarterly GDP on track to surprise the MPC to the upside in Q1 (BoE: 0.1% q/q)."
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