United Kingdom: The economy flatlines in January
According to monthly GDP data released by the Office for National Statistics (ONS), economic activity was flat in January over the previous month in seasonally-adjusted terms (December: +0.3% month-on-month), below market expectations of 0.2% growth. This was despite improved sentiment and PMI readings early in 2020, and was driven by a contraction in construction and a slowdown in the services sector. In the three months to January, economic activity was also flat quarter-on-quarter. This suggests the economy was already in subdued shape before the impact of the coronavirus was felt.