| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | United Kingdom | Manufacturing Production (MoM) | June | 0.3% | 0.1% | 1.1% |
| 06:00 | United Kingdom | Industrial Production (MoM) | June | 0.3% | 0.1% | 0.8% |
| 06:00 | United Kingdom | GDP m/m | June | 0.4% | 0% | 0% |
| 06:00 | United Kingdom | GDP, q/q | Quarter II | 0.7% | 0.6% | 0.6% |
GBP strengthened against most of its major counterparts in the European session on Thursday as data showed that the UK economy continued to grow at a solid pace in the second quarter.
The Office for National Statistics (ONS) reported its preliminary estimates revealed that Britain’s gross domestic product (GDP) increased by 0.6% QoQ last quarter after a 0.7% QoQ advance in the first quarter of 2024, matching economists’ forecast. On a YoY basis, the UK expanded by 0.9%, recording its largest annual rise since the third quarter of 2002. The reading was also in line with economists’ expectations.
The preliminary second-quarter GDP growth data confirmed that the British economy stays in decent shape, supporting the notation that the Bank of England can reduce its interest rates at a steady pace. Markets continue to expect 1-2 additional 25-basis-point rate cuts from the BoE by the end of the year after the first decrease earlier this month.