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UK GDP posts stronger-than-expected rebound in January

The U.K. economy grew 0.5% on a monthly basis in January, rebounding from a 0.4% contraction in December 2018, data from the Office for National Statistics showed.

The Econoday consensus forecast monthly GDP growth of 0.2% in January.

The services index rose 0.3% and the production index advanced 0.6% in January, both picking up from declines in December 2018. Manufacturing also bounced back 0.8%, following a 0.7% decline in the previous month.

In the three months to January, the U.K.'s GDP grew 0.2%, matching the same pace of growth in the three months to December 2018.

The data comes as U.K. lawmakers are scheduled to vote on the Brexit agreement with the European Union later. Analysts expect that the U.K. economy will expand by 1.6% in 2019 and 1.8% in 2020 if a no-deal Brexit is avoided.

Meanwhile, the U.K.'s goods and services trade deficit widened £1.3 billion to £10.4 billion in the three months to January, separate data from the statistics office showed.

The goods deficit widened £2.4 billion to £38.0 billion, while the services surplus increased £1.1 billion to £27.7 billion.