• Quarterly GDP for the UK came in at 0.1% in Q1 vs. 0.1% expected.
• UK GDP arrived at -0.3% MoM in March vs. 0% expected.
• GBP/USD defends 1.2500 on mixed UK GDP data.

The UK economy grew 0.1% QoQ in the three months to March, compared with a 0.1% expansion booked in the final quarter of 2022 and 0.1% expectations.

On an annualized basis, the UK GDP expanded 0.2% in Q1 vs. 0.2% expected and a 0.6% growth registered in the previous quarter.

The UK GDP monthly release showed that the economy unexpectedly contracted 0.3% in March vs. 0% expected and 0% previous.

Meanwhile, the Index of services (March) arrived at 0.1% 3M/3M and 0.1% prior and 0.2% estimated.

Market reaction

GBP/USD managed to defend the 1.2500 level on the release of the mixed UK growth numbers. At the time of writing, the spot is modestly flat on the day at 1.2512.