European Economic News Preview: UK GDP Data Due

Quarterly national accounts from the UK and flash inflation from France and euro area are due on Friday, headlining a hectic day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK quarterly GDP, balance of payments and current account figures. The initial estimates showed that the economy expanded 0.1 percent sequentially in the first quarter.

In the meantime, Destatis is scheduled to publish Germany’s retail sales, unemployment and import prices for May. Sales are forecast to remain flat on month in May, following a 0.8 percent gain in April. At the same time, import prices are expected to decline 9.2 percent annually after a 7.0 percent fall.

At 2.45 am ET, France’s statistical office INSEE releases flash consumer prices, producer prices and consumer spending figures. Consumer price inflation is seen at 4.6 percent in June, weaker than May’s 5.1 percent. Economists forecast consumer spending to grow 0.6 percent in June, in contrast to the 1.0 percent fall in April.

At 3.55 am ET, Germany’s unemployment data is due from the labor agency. The number of people out of work is forecast to increase 15,000 in June after rising 9,000 in May.

At 4.00 am ET, unemployment and non-EU foreign trade figures are due from Italy. The jobless rate is seen rising to 7.9 percent in May from 7.8 percent in April.

At 5.00 am ET, Eurostat publishes euro area flash inflation and unemployment data. Economists forecast inflation to slow to 5.6 percent in June from 6.1 percent in May. The jobless rate is expected to remain unchanged at 6.5 percent in May.

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