UK GDP contracted -2.90% mom in January, better than expectation of -4.9% mom. Services was the main drag, due to restrictions, and dropped -3.5% mom. Production sector dropped -1.5% mom, following eight consecutive month of growth. Construction saw 0.9% mom growth.
Overall GDP was -9% below the pre-pandemic level seen in February 2020. Services was down -10.2% from that level, production down -5.0%, manufacturing down -4.7%, construction down -2.6%.
