On Friday, the 10th of May 2019, British Official data had revealed that the UK economy had received a sharp boost over the first quarter of 2019, as wide-ranging manufacturers appeared to be hurried on to delivering orders for a disordered Brexit that might never appear.
According to data released on Friday (May 10th), the UK GDP (Gross Domestic Product) grew by 0.5 percent during the first quarter of 2019 after posting a sluggish backdrop of 0.2 percent on Q4, 2018. Besides, the figure had been in alignment with the expectations of BoE (Bank of England) alongside consensus forecast by analysts’ poll.
Besides, Britain’s Office for National Statistics had also added that over the first quarter of 2019, UK GDP had surged by 1.8 percent on a year-on-year basis, while picking up a figure of eighteen month high, up from 1.4 percent a quarter earlier.
Since a higher extent of household spending had been fueling the economy amid a waning construction data while UK economy had been vying to grapple with the Brexit uncertainties, the British currency was little changed following the reveal of the report.
Nevertheless, adding that a strong Q1 figure of UK economy could have short-lived and backfired over the quarters ahead, an economist at the Institute of Directors, Tej Parikh said, “The relatively strong growth figures for Q1 may just be a flash in the pan.
Some businesses brought activity forward early this year in preparation for leaving the EU, so higher stocks and earlier orders have artificially bumped up the growth numbers”.