European Economic News Preview: UK GDP & Foreign Trade Data Due

Quarterly national accounts from the UK and monetary policy decision from Russia are the top economic news due on Friday.

At 2.00 am ET, the Office for National Statistics is scheduled to issue UK’s quarterly national accounts, industrial production and foreign trade figures. The economy is forecast remain flat sequentially in the fourth quarter, after shrinking 0.3 percent in the third quarter.

The UK visible trade deficit is seen rising to GBP 16.4 billion from GBP 15.6 billion in November. Economists forecast both industrial and manufacturing output to fall 0.2 percent each in December.

In the meantime, Statistics Norway publishes consumer and producer prices for January. Consumer price inflation is forecast to rise to 6.5 percent from 5.9 percent in December.

At 3.00 am ET, the Czech Statistical Office is set to release consumer prices for January. Inflation is seen at 17.3 percent, up from 15.8 percent in December.

At 4.00 am ET, industrial production data is due from Italy. Economists expect production to fall 0.1 percent on month in December, slower than the 0.3 percent decrease in November.

At 5.00 am ET, Greece industrial production data is due for December.

Half an hour later, Russia’s central bank announces its monetary policy decision. The bank is likely to hold its benchmark rate at 7.50 percent.

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