UK Q1 GDP to be revised up

The second estimate of  UK Q1 GDP surprised in that it was not revised up from the original estimate of 0.3% qoq; services growth was actually revised down, offsetting upward revisions to IP and construction. 

Since then, fresh data for construction have been released which include major upward revisions to the historical data, including Q1 2015. 

"The ONS estimates that this will add 0.06pp to Q1 GDP. In addition, the GDP data significantly understate the true pace of growth. So Q1 GDP growth is expected to be revised up from 0.3% qoq to 0.4%", says Societe Generale.