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MNI: ### POV: UK ANALYSIS - Q2 GDP Growth Unlikely...>

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MNI: ### POV: UK ANALYSIS - Q2 GDP Growth Unlikely to Slip from 0.3% Q/Q Prel.
Est.
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Despite revisions to June production and construction output monthly numbers,
they will not have been enough to have altered q/q Q2 GDP growth. Absent any
revisions made to the back data, the only chance of GDP growth coming in below
0.3% q/q would be if June services output underwhelmed. 
-Services output would need to have grown by less than 0.18% (2dp) in June to
take GDP growth down 0.1pp to 0.2% q/q in Q2. For context, services output grew
by 0.18% m/m in May, averaging 0.07% m/m so far over 2017. Over the past 12m,
however, growth has averaged in at 0.20% m/m. June retail sales volumes,
including fuel, were revised down to 0.3% m/m from 0.6% m/m while the ex-fuel
measure was also revised down 0.3pp to 0.6%m/m.  GDP 2nd estimate is expected
Thursday at 0830GMT      
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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