By Jon Sindreu
LONDON--The first official estimate of second-quarter growth Friday is set to show that the U.K. economy expanded for the sixth successive quarter, while minutes of the Bank of England's most recent policy meeting are expected to provide fresh insight into the likely timing of the central bank's first rate rise.
Economists predict the Office for National Statistics will report that gross domestic product grew at 0.8% between April and June, matching the expansion in the first three months of the year. Positive indicators for the period initially fueled hopes of a faster expansion, but recent weakness in industrial production and construction output--as well as a slowdown in exports--havecooled expectations.
"While the first estimate of [second-quarter] GDP seems likely to disappoint hopes that the recovery has sped up, it should still show that another healthy rise in output has finally taken it above its pre-recession peak," Capital Economics said in a weekly report.
The GDP figures follow the release Wednesday of the July meeting of the BOE's Monetary Policy Committee.
Also during the week, U.K. public finance figures Tuesday are expected to confirm an increase in government borrowing in June because of lower tax revenues.
Date GMT Indicator Period Forecast Previous
Jul 22 0830 PSNB Ex Jun GBP10.5bn(5) GBP13.3 bln
Jul 22 0830 PSNCR Jun n/a GBP8.5 bln
Jul 22 1000 CBI order book balance Jul +7.0 (2) +11
Jul 22 1000 CBI output balance Jul n/a +32
Jul 22 1000 CBI export balanceJul n/a -2
Jul 23 0830 BOE rate vote result Jul 9-0 (7) 9-0
Jul 23 0830 BOE QE vote result Jul 9-0 (7) 9-0
Jul 23 0930 BBA mortgage approvals Jun n/a +41,000
Jul 23 1000 CBI retail sales Jul n/a +4
Jul 24 0930 UK retail sales Jun -0.05%MM (4) +0.5% MM
Jul 25 0830 UK 2Q GDP QQ 2Q +0.8%QQ (7) +0.8%QQ
Jul 25 0830 UK 2Q GDP YY 2Q +3.1%YY (5) +3.1%YY
(Figures in parentheses refer to the number of economists surveyed.)
Write to Jon Sindreu at email@example.com
(END) Dow Jones Newswires
July 18, 2014 12:55 ET (16:55 GMT)
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