Data issued on Friday morning by the British Statistics Office showed that the gross domestic product contracted by 0.3% during last March on a monthly basis, which is worse than market expectations that indicated the stability of the British economy without achieving growth during this month, and it is also better than the previous reading that was reported. Recorded by Britain last February, which indicated the stability of the economy.
At the same time, the preliminary reading of the growth of the British economy during the first quarter of the year showed 0.1%, after expectations indicated that it would grow by 0.1%, after the reading for the last quarter of last year was revised to 0.1% as well.
The data also showed that industrial production in Britain increased by 0.7% during last March, and this was better than the market expectations, which indicated a growth of 0.1% only, and it is also better than the previous reading, which indicated a growth of 0.1% as well.
It is worth noting that this indicator measures the change in the inflation-adjusted value of all goods and services produced by the British economy. This indicator is of great importance because it is the broadest measure of economic activity and the main measure of the health of the economy. It is also issued monthly, about 40 days after the end of the month. Its effects are reflected on the movements of the pound sterling against other currencies.