With UK GDP growth of 0.3% in Q1 so far unrevised from its first estimate - against BoE expectations of 0.5% in mature data - some recent softening in business surveys, notably of PMIs, suggests that the bounceback in Q2 may be more modest than previously expected.
"On the evidence so far, we expect growth of 0.6%, but April's industrial production (Wed) and construction (Fri) reports will provide the first official insight to Q2 activity. Within our 0.6% GDP growth expectation we anticipate some pullback in both following strong prints for March." estimates Lloyds Bank
