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27 Mar 2015
UK PMI surveys to stabilise in March – RBS
FXStreet (Barcelona) - Ross Walker, Senior UK Economist at RBS, previews the key data in the UK for the week beginning 30th March 2015.
Key Quotes
“We expect the manufacturing and construction PMIs to broadly stabilise in March – at levels indicative of above-trend output growth, though the PMIs have had a tendency in recent years to over-estimate the ONS output data.”
“ONS services output data for January will help to firm-up expectations for Q1 GDP (our GDP Tracker is signalling 0.5% q/q).”
“Money and credit data are likely to remain a little subdued so the recovery at this point cannot be depicted as credit-led.”
“The current account deficit is forecast to show a sizeable reduction in Q4 but will remain bloated at c.4½% of GDP, serving to emphasise that the underlying imbalances in the UK economy remain substantial.”
Key Quotes
“We expect the manufacturing and construction PMIs to broadly stabilise in March – at levels indicative of above-trend output growth, though the PMIs have had a tendency in recent years to over-estimate the ONS output data.”
“ONS services output data for January will help to firm-up expectations for Q1 GDP (our GDP Tracker is signalling 0.5% q/q).”
“Money and credit data are likely to remain a little subdued so the recovery at this point cannot be depicted as credit-led.”
“The current account deficit is forecast to show a sizeable reduction in Q4 but will remain bloated at c.4½% of GDP, serving to emphasise that the underlying imbalances in the UK economy remain substantial.”