ORIGINAL POST, SEE UPDATE BELOW: Heads up: We’re about to get the first pass at UK Q1 GDP.The number comes out at 4:30 AM ET.
Analysts expect growth of 0.1%.
Q4 came in at a negative reading, so if this is a miss and goes negative that would be two straight quarters of a contracting economy, and thus what some would call a recession.
We’ll have the number here LIVE when it comes out.
UPDATE: It’s a big miss.
Q1 GDP fell 0.2% in the UK. That’s much worse than the 0.1% sequential growth that was expected.
That’s the second straight quarter of contraction meaning the UK is now technically in recession.
This will heighten pressure to do more QE.
Here’s a chart of the pound.
And this from Sky nicely breaks down the most important moving parts.
â€” Sky News Business (@SkyNewsBiz) April 25, 2012