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Final print of UK GDP expected to be unchanged, focus now on third quarter

FXStreet (London) - The final print of UK second quarter GDP due to be released at 09:30 GMT is expected to print at an unrevised 0.8 percent.

UK direction in third quarter.

Index of services numbers to be released concurrently with the GDP figures, along with Purchasing Managers Index (PMI) numbers to be released later in the week, should give us a firmer idea of the direction of travel for the UK economy through the third quarter. However it is likely that we will see some deceleration after the strong gains made through the first half of the year, with third quarter GDP expected to be closer to the 0.6 percent mark. Manufacturing PMIs due tomorrow are expected to print flat at 52.5.

The expected deceleration in UK growth should leave the Bank of England with some breathing space and push any pressure to tighten further into 2015.

It should be noted that today's GDP figures are the first to be released under the revised ESA10 methodology, a revision to the  European System of National and Regional Accounts.

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