FXTM Senior Research
Analyst
Confidence over the health of the UK economy was dealt a gut-wrenching
blow this morning after GDP growth contracted for the first time since 2012 in
the second quarter.
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Economic growth fell at a quarterly
rate of 0.2% in the three months to June, below the 0% market expectations amid
Brexit-related uncertainty. With mounting fears over a no-deal Brexit weighing
heavily on sentiment and crippling the Pound, the UK is at threat of shrinking
again in the third quarter of 2019. Should Britain officially enter a
recession, the Pound/Dollar parity dream may become reality.
All in all, today’s disappointing GDP
figure is set to raise alarm bells over Brexit dragging the UK economy deeper
into the abyss. This unfavourable scenario may prompt the Bank of England to cut interest rates sooner than anticipated, in
an effort to revive the UK economy.
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In the currency markets, the GBPUSD
dipped just over 40 pips before clawing back some losses with prices trading
around 1.2100 as of writing. While the GDP report is significant, the Pound
remains more concerned with developments in Westminster and Brexit newsflow.
What does this mean for Nigeria?
As a member of the British
Commonwealth, the impacts of Brexit could indirectly affect the Nigerian
economy. If the United Kingdom enters an official recession, this may trickle
back to Nigeria in the form of decreased investments by the United Kingdom to
Nigeria. A decline in external investments has the potential to impact domestic
GDP growth at a time where the nation is tussling with falling oil prices.
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