At 9:30 a.m. London time (4:30 a.m. New York) the UK will get its latest GDP figures, showing just how much the economy grew between April and June, compared to the three months before.
Analysts are expecting a 0.7% boost, which would signal a solid pace of growth, following the slightly disappointing 0.4% expansion recorded for the first quarter of the year (Q1).
The British economy seems to be entering a new phase, with the rapid gains in employment recorded over the last couple of years fading a little, replaced by slightly better wage growth.
Here’s what Lloyds Bank’s morning note said about the GDP release:
Official data for the quarter points to a quicker pace of expansion over Q2, with a notable gain in industrial production in April and May – driven by a surge in oil & gas output – offsetting weak outturns for construction. Although the first estimate of GDP is based on data covering only about 40% of the economy’s output in the quarter and over time tends to undergo revisions, at this stage of the data cycle we anticipate a 0.6% quarterly GDP gain.
Barclays analysts are also expecting a 0.6% rise, while BNP Paribas economists see a 0.7% rise, in line with the consensus.
Though it may not feel much like it, RBS economists note that this is actually the third longest growth streak since 1955:
We’ll update this page with the full details once they’re released.