Stocks to extend rise after GDP figures shown growth in UK

Investors can analyse a tonne more data this morning from the ONS, including information on trade, manufacturing, services, and construction.

As anticipated, the UK services index increased by 0.2% in January over December, recovering from a 0.1% decrease in the previous month.

After declining by 0.2%, the services index improved to a flat three-month rate.

However, after rising by 0.6% in December, the UK's industrial production for January dropped by 0.2%, which was worse than anticipated. Industrial production increased by 0.5% year over year, which fell short of expectations for a 0.8% increase.

After increasing by 0.8% on a monthly basis in December, manufacturing production for the month was flat, as predicted. As anticipated, manufacturing production increased by 2.0% from a year ago.

As GDP data indicated the economy recovered from a brief recession, traders thought the FTSE 100 would build on its big gains from yesterday on Wednesday.

Following the technical recession in the second half of 2023, the UK economy rose 0.2% in January compared to the previous month, as predicted, according to gross domestic product estimates from the Office for National Statistics.

yet, as anticipated, economic growth decreased by 0.1% in the three months ending at the end of January as compared to the prior period; yet, this was an improvement from the previous 0.3% fall.

The three-month GDP decreased 0.3% from the previous year.

(Sources: investing.com, proactiveinvestors.co.uk)