UK Q2 GDP to come in unchanged at 0.2% - HSBC

Dhwani Mehta FXStreet

Analysts at HSBC provide a sneak peek into what to expect from the upcoming UK Q2 advance GDP figures, which will be reported at 0830GMT.

Key Quotes:

“UK service sector growth made a reasonable start to the second quarter, rising 0.2% m-o-m in April, but we expect this to have tailed off in May, largely on the back of weak retail sales in that month: volumes fell by over 1% m-o-m, as falling real incomes started to hit home.

The services PMI survey also fell two points in May, supporting a weaker forecast for the month. UK Q1 real GDP growth was confirmed at 0.2% in the final reading.

While the strong PMIs in April had initially suggested a good bounce in growth in the second quarter, the data since then have not backed this up.

We expect a better quarter for services, but a q-o-q fall for both industrial production and construction. On this basis, we now expect Q2 growth to come in unchanged at 0.2%.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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