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UK economic growth forecast to have doubled in Q2

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UK economic growth is forecast to have doubled in the three months to end of June as a result of expansion in the service sector and positive contributions from industrial production and construction.

Thursday sees the preliminary estimate of UK GDP for the second quarter of 2013, which will be based solely on the output side of the economy.

Howard Archer, Chief UK & European economist at IHS Global Insight, anticipates there is a very real chance that growth could come in even higher than 0.6 per cent, up from 0.3 per cent in the first three months of the year.

In addition, the Confederation of British Industry’s industrial trends survey for July is expected to indicate that the manufacturing sector got off to a reasonable start to the third quarter.

Archer says: “We expect GDP growth to have doubled to 0.6 per cent quarter-on-quarter. This would cause year-on-year growth to accelerate to 1.4 per cent in the second quarter from 0.3 per cent in the first, which would be the strongest annual growth rate since the first quarter of 2011.

“Furthermore, we believe it is very possible that growth could have been even stronger than 0.6 per cent in the second quarter.”

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