UK final Q2 GDP data unlikely to bring any surprises

UK final Q2 growth data will be published coming Friday and it is most likely that the 0.6 percent quarter-on-quarter growth rate indicated by previous releases will be confirmed. The final Q2 GDP figure might grab most headlines in the UK this week, however, it seems unlikely to bring any surprises.

Focus will be the services activity index for July, released alongside the GDP numbers. This will give the first hard data on growth in the services sector in the aftermath of the referendum and, while it is likely to show that continued expansion, it is expected to show a slowdown from the pre-referendum period.

Nationwide will publish its September house prices report on Wednesday, while the CBI Distributive Trades survey is due tomorrow. BoE publishes the latest lending data on Thursday which will most likely show that mortgage lending was a touch lower in August, with mortgage approvals slightly lower that month too.

Meanwhile, the GfK consumer confidence indicator, due at the end of the week, is expected to have risen for the second consecutive month in September, while not recovering fully from the sharp fall seen immediately after the referendum.