The UK economy grew 0.1% on the quarter in the first three months of 2023 vs. 0.1% prior, the final revision confirmed on Friday. The market had expected an expansion of 0.1% in the first quarter.

Britain’s annual GDP expanded by 0.2% in Q1 vs. the first readout of 0.2% while matching 0.2% expectations.

Meanwhile, the UK Q1 Current Account arrived at £-10.757B, compared with the £-8.5B expectations and the fourth quarter’s £-2.483B.

The country’s Total Business Investment data for Q1 came in at 3.3% QoQ and 5.8% YoY.

FX implications

GBP/USD remains uninspired by the UK economic data. The pair was last seen trading at 1.2622, up 0.10% on the day.

About the UK GDP

The Gross Domestic Product released by the Office for National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered a broad measure of the UK's economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).