European Economics Preview: UK GDP Data Due

Quarterly national accounts, industrial production and foreign trade from the UK and final inflation data from France are due on Friday.

At 1.30 am ET, the French statistical office Insee is scheduled to publish unemployment data for the second quarter. The jobless rate is seen at 7.3 percent.

At 2.00 am ET, the Office for National Statistics releases UK GDP, industrial output and foreign trade figures. The economy is forecast to shrink 0.2 percent sequentially in the second quarter, reversing the first quarter’s 0.8 percent expansion.

Economists forecast the UK industrial output to fall 1.3 percent on month in June and manufacturing production to decline 1.8 percent. The visible trade deficit is seen at GBP 22.3 billion in June versus -GBP 21.44 billion in May.

In the meantime, inflation data from Sweden and industrial production from Romania are due.

At 2.45 am ET, France’s statistical office Insee is slated to issue final inflation figures for July. Consumer price inflation is seen at 6.1 percent, in line with flash estimate, and up from 5.8 percent in June.

At 3.00 am ET, final consumer and harmonized prices are due from Spain. Consumer price inflation is forecast to rise to 10.8 percent in July, as initially estimated, which is the highest since September 1984.

Also, industrial production and retail sales figures from Turkey are due.

At 4.00 am ET, Italy’s Istat publishes foreign trade data for June. Economists forecast the trade balance to show a surplus of EUR 0.35 billion versus a shortfall of EUR 0.012 billion in May.

In the meantime, consumer prices and industrial production data is due from Poland.

At 5.00 am ET, Eurostat is set to release euro area industrial production for June. Output is forecast to grow 0.2 percent on month, slower than the 0.8 percent rise in May.

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