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UK VIEW: Economists at UBS have introduced a new way to track UK GDP using a
dynamic factor model (DFM) and it shows that underlying UK growth is close to
zero, which compares to a consensus expectation for the next year of around
- They look to include PMI data in their dynamic factor model of GDP but while
PMI data are the bright spot in the UK economy, they have no significant
explanatory power in UBS's DFM. 

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