U.K. economic growth likely to be unrevised at 0.2 pct in Q2 – Lloyds Bank

The first estimate by the ONS showed that the U.K. economic growth expanded 0.3 percent in the second quarter of this year. This is just modestly more rapid than the 0.2 percent recorded in the first quarter and below the 0.4 percent growth rate suggested by the PMIs, noted Lloyds Bank in a research report.

Subsequent outturns for June industrial production and construction output for the second quarter have done little to imply that a revision would be forthcoming at this stage. According to Lloyds Bank, the second estimate of the second quarter growth would be unrevised at 0.2 percent.

The second estimate will also include the first expenditure breakdown for the June quarter. Consumer spending is expected to have stayed the main driver of growth in the second quarter, while net trade is likely to have made a small positive contribution, added Lloyds Bank.

At 22:00 GMT the FxWirePro's Hourly Strength Index of British Pound was highly bearish at -114.314, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at 37.8756. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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