This week we’ll be focusing on the first estimate of UK GDP for q2 2016:
What’s in store for UK GDP growth in Q2?
On Wednesday, the ONS will release its preliminary estimate of UK GDP for the second quarter of 2016. While the data will not capture the post-EU referendum impact, it will give us an indication of the shape of the UK economy and the manufacturing sector as we enter the era of Brexit-related uncertainty.
Previous data releases point to strong quarterly growth for the UK economy in Q2, in the region of 0.6%, some way up from the soft 0.4% print in Q1 2016. Manufacturing is also set for a boost with the Index of Production data showing solid output growth in April and May. In fact, if output came in flat for June that would still mean expansion of around 2% in Q2 as a whole.
Manufacturing across the UK
EEF will be publishing its annual Regional Manufacturing Outlook report on Friday. The report looks at how manufacturing is spread across regions, the regions’ performance over the past year and how the EU referendum result is likely to affect those trends.