The preliminary estimate of a 0.3% quarterly rise in UK Q1’s real GDP was left unchanged. (Data released on Thursday.) But given the discrepancy between the weak GDP data and the more upbeat business surveys, this figure is likely to be revised upwards. Most striking in the expenditure breakdown was the big negative contribution of 0.9 percentage points from net trade. But news on the domestic economy was more encouraging. “Looking ahead, we think that the recovery is probably back on track after Q1’s weakness.” says Capital Economics
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