FXStreet (Łódź) - Ross Walker , Senior UK Economist at RBS, presents the preliminary UK GDP estimate for the second quarter of the year, which points to a pickup in growth to 0.9% from 0.8% in the first quarter.
"Available data suggest broad-based strength in output in Q2, notably in the industrial sector where we expect growth to rise by 1.0% following expansion of 0.7% in Q1."
"Services data remain thin on the ground but business surveys have generally maintained Q1 levels while retail sales volumes have seemingly been supported by lower inflation."
"Base effects for some of the services output data (wholesale, motor vehicle and public services) are demanding so we judge the risks around our Tracker estimate to be to the downside."
"GDP growth of 0.9% q/q in Q2, would be the fastest quarterly growth for four years. The risks around this estimate are skewed modestly to the downside (0.8% q/q)."
"The preliminary estimate of Q2 GDP is scheduled for release at 09:30 on 25 July."