Week in Review - 29th July, 2011

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↓ GDP Q2ONS estimated that GDP grew by 0.2% in the second quarter of the year. Growth was weakened by the supply-chain impacts of the Japanese tsunami and the additional Bank Holiday. Manufacturing, in particular, was knocked back by the tsunami, and output contracted by 0.3% over the quarter. Services output was stronger, growing by 0.5% and construction output also grew by 0.5%.
↓ GfK Consumer ConfidenceGfK NOP's Consumer Confidence Index fell to -30 in July. Confidence fell across all sub-indices. Concerns about personal financial situation in the next twelve months worsened, but the biggest drop, of 9 points, was in people's expectations of the performance of the economy over the next 12 months.
↑ Lending to individualsTotal lending to individuals rose £0.4bn in June, within the total, lending secured on dwellings fell by £0.1bn, and consumer credit rose by £0.4bn.
The week ahead
Mon 1st: Manufacturing PMI;
Thu 4th: MPC rate decision
Fri 5th: Producer Price Index

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