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UK Q3 GDP growth is likely to slow modestly - ING

FXStreet (Łódź) - James Knightley from ING suggests that the UK Q3 GDP data, due out soon, should reveal that the country's economy expanded for the seventh running quarter.

Key quotes

"At this stage we just get the industry breakdown with the left-hand chart really highlighting the dramatic outperformance of the service sector relative to manufacturing and construction."

"Business surveys, such as the purchasing managers’ indices are suggesting we should look for manufacturing underperformance yet again, but that service sector and construction activity should be robust."

"Indeed, the composite purchasing managers’ indices continue to point to growth around the 1% QoQ rate."

"We are a little more cautious for today’s reading – predicting 0.8% QoQ growth. The Eurozone backdrop has been deteriorating and lagged effects of sterling strength will act as a brake on activity."

"Furthermore, the housing market has cooled to some extent, following the introduction of the Mortgage Market Review in April."

"Nonetheless, the strength in employment, sentiment and the likelihood of growing wage pressures suggest that the economy can maintain momentum through 2015."

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