The British Office for National Statistics will announce today the final reading of the country's GDP, which is expected not to be modified but to remain at modest growth of 0.3% in the fourth quarter after shrinking in the fourth quarter of last year, and on the annual level. It is expected that the economy records a growth rate of 0.6% identical to the previous readings.
Also, we are waiting for the announcement of the sub-data which will show economic growth in the first quarter, but what is certain is that British exports are still one of the main obstacles to getting the British economy back on track. This weakness in external demand for British products due to the continuing fallout from the sovereign debt crisis of the euro zone - the first trade partner - and that negatively affected the volume of trade with the euro area and the impact on growth rates in land ownership.
It is well-known that the primary factor behind the poor performance of the British economy is austerity policies adopted by the coalition government in 2010 and will continue to the year 2016. The United Kingdom is standing currently at risk of a deadly recession in spite of the slight growth. All the recent economic data confirms that the British economy is facing a critical economic stage and suffering from a clear fragility.
Finally, it should be noted that all of the above will cause the decline of the British pound, which is still suffering greatly from the recent hints of the American Federal Reserve Bank about the possibility of withdrawal of stimulus packages a time later this year.The Main Financial Indicators For June 27, 2013: (GMT)
- 2am NZD ANZ Business Confidence
- 8:55am EUR German Unemployment Change
- 9:30am GBP Current Account
- 9:30am GBP Final GDP q/q
- Tentative EUR Italian 10-y Bond Auction
- 1:30pm USD Unemployment Claims
- 3:00pm USD Pending Home Sales m/m
- 1:30pm CAD GDP m/m
