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European session review: GBP weakens as investors digest UK GDP figures

TimeCountryEventPeriodPrevious valueForecastActual
07:00United KingdomManufacturing Production (YoY)December-5.6%-6.1%-5.7%
07:00United KingdomIndustrial Production (MoM)December0.1%-0.2%0.3%
07:00United KingdomManufacturing Production (MoM) December-0.6%-0.2%0%
07:00United KingdomIndustrial Production (YoY)December-4.3%-5.3%-4%
07:00United KingdomGDP, y/yDecember0.6%-0.2%-0.1%
07:00United KingdomGDP m/mDecember0.1%-0.3%-0.5%
07:00United KingdomTotal Trade BalanceDecember-2.306 -7.150
07:00United KingdomGDP, q/qQuarter IV-0.2%0%0%
07:00United KingdomGDP, y/yQuarter IV1.9%0.4%0.4%

EUR slipped against most of its major counterparts in the European session on Friday as investors digested UK’s GDP numbers. 

The Office of National Statistics (ONS) reported its preliminary estimates showed Britain’s gross domestic product (GDP) was flat q/q in the fourth quarter of 2022, following a downwardly revised 0.2% q/q contraction (from -0.3% q/q) in the previous three-month period. That was in line with economists’ expectations and marked that the UK economy avoided a technical recession.

However, investors were disappointed with the December print, which showed a bigger-than-anticipated shrinkage in the final month of 2022. According to the report, British GDP declined by -0.5% m/m in December after a 0.1% increase in the previous month. Economists had forecast a 0.3% m/m decrease. The latest reading raised expectations of a contraction in the UK economy in the first quarter of 2023.

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