UK set to celebrate the official end of the recession after Games boost
THE UK is this week expected to officially exit recession, with news from the Office of National Statistics set to confirm the double dip is over.
The ONS will publish its first estimate of third quarter GDP, with analysts predicting impressive growth, due in part to the Olympics.
Howard Archer, of IHS Global Insight, said: “GDP data for the third quarter should see the UK officially exit recession after three quarters of contraction. Indeed, the economy could well post an impressive looking headline quarter-on-quarter growth rate around 0.7 per cent quarter-on-quarter.”
Economists are hoping for further good news on Wednesday, with the release of the CBI industrial trends survey. The last survey showed an improvement in orders and optimism among manufacturers for at least modest growth.
In corporate news, Whitbread, the owner of Costa Coffee and Premier Inn, is expected to deliver strong interim results tomorrow, while ARM Holdings and Laird will also update the market.
Home Retail Group, the owner of Argos, is set to is report interim figures on Wednesday, with analysts predicting a sharp drop in profits as the company battles online competitors and difficult economic conditions. British American Tobacco, National Express, Reckitt Benckiser and Sports Direct International are also set to give trading updates.
On Thursday AstraZeneca, Debenhams Asos, Bloomsbury Publishing, Inchcape, Kazakhmys, Segro, Shire, Unilever and WPP will all update the market.