The UK Economic Data Overview

The British economic calendar is all set to entertain the Cable traders during the early hours of Friday, at 07:00 GMT with the monthly release of January 2023 Gross Domestic Product (GDP) figures. Also increasing the importance of that time are Trade Balance and Industrial Production details for the stated period.

Having witnessed a contraction of 0.5% in economic activities during December 2022, market players will be interested in January month’s GDP figures to confirm the fears of an economic slowdown.

Forecasts suggest that the UK GDP will mark stagnation of the British economy with 0.1% MoM figures for January. GBP/USD traders also await the Index of Services (3M/3M) for the same period, likely to improve to 0.1% versus 0.0% prior, for further insight.

Meanwhile, Manufacturing Production, which makes up around 80% of total industrial production, is expected to ease to -0.1% MoM in January. Also, the total Industrial Production may shrink by 0.2% versus the 0.3% previous expansion.

Considering the yearly figures, the Industrial Production for January is expected to have dropped to -4.0% versus -4.0% previous while the Manufacturing Production is anticipated to have improved to -5.0% in the reported month versus -5.7% the last.

Separately, the UK Goods Trade Balance for October will be reported at the same time and is expected to deteriorate to £-7,966B versus the prior readings of £-7,484B.