Here comes the latest British GDP data...
REUTERS/Damir Sagolj
Analysts are expecting a 0.7% boost, which would signal a solid pace of growth, following the slightly disappointing 0.4% expansion recorded for the first quarter of the year (Q1).
The British economy seems to be entering a new phase, with the rapid gains in employment recorded over the last couple of years fading a little, replaced by slightly better wage growth.
Here's what Lloyds Bank's morning note said about the GDP release:
Official data for the quarter points to a quicker pace of expansion over Q2, with a notable gain in industrial production in April and May - driven by a surge in oil & gas output - offsetting weak outturns for construction. Although the first estimate of GDP is based on data covering only about 40% of the economy's output in the quarter and over time tends to undergo revisions, at this stage of the data cycle we anticipate a 0.6% quarterly GDP gain.
Barclays analysts are also expecting a 0.6% rise, while BNP Paribas economists see a 0.7% rise, in line with the consensus.
Though it may not feel much like it, RBS economists note that this is actually the third longest growth streak since 1955:
We've rarely had it so good. Today's GDP data will confirm UK is enjoying its 3rd-longest spell of growth since 1955. pic.twitter.com/TSlRedG47Z
- RBS Economics (@RBS_Economics) July 28, 2015
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