The UK Economic Data Overview

The British economic calendar is all set to entertain the Cable traders during the early hours of Thursday, at 06:00 GMT with the monthly release of February 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 an improvement of 0.3% in economic activities during January 2023, market players will be interested in February month’s GDP figures to defy 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 February. GBP/USD traders also await the Index of Services (3M/3M) for the same period, likely to decline to -0.2% versus 0.0% prior, for further insight.

Meanwhile, Manufacturing Production, which makes up around 80% of total industrial production, is expected to improve to 0.2% MoM in February, compared to -0.4% prior. Also, the total Industrial Production may rise by 0.2% versus the 0.3% previous expansion.

Considering the yearly figures, the Industrial Production for February is expected to have dropped by -3.7% YoY versus -4.3% previous while the Manufacturing Production is anticipated to have improved to -4.7% in the reported month versus -5.2% the last.

Separately, the UK Trade Balance; non-EU for February will be reported at the same time and is improve to deteriorate to £-7,243B versus the prior readings of £-7,808B.