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Week Ahead – GDP data in focus

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The week ahead has few major economic releases as the year draws to a close. The main data of importance will be Gross Domestic Product figures (GDP) from various countries – UK, Canada and the US. The data will be final estimates for third quarter GDP in all three countries.

The UK will release its final third quarter GDP numbers on Tuesday. The Office for National Statistics’ second estimate showed the UK economy expanding by 0.7% in the months from July to September. This was unchanged from the first estimate so it will be interesting to watch what the final estimate will be. Also on the same day from the UK we will see current account data. One other piece of data from the UK Office for National Statistics will be issued on Wednesday on third quarter labour productivity.

The Eurozone will be quiet next week. The only data worth watching will be confidence numbers for the area due on Monday. On the same day Germany will release import price data.

The US will be in focus on Monday with the release of the latest existing home sales numbers while on Tuesday, durable goods orders, building permits numbers and final third quarter GDP data are out. Durable goods rose unexpectedly in October by 0.4% following two consecutive months of decline. Analysts are expecting a 1.8% increase for November. The final reading for US third quarter GDP data are published by the Bureau of Economic Analysis on Wednesday.  According to the second estimate released, GDP increased at an annual rate of 3.9%.

Canada releases its GDP data on Tuesday.

Japan will release a slew of data on Friday. Most markets will be closed, especially in Europe  due to the Boxing Day holiday so it will be a quiet day expect for the Japanese data which include inflation, unemployment and retail sales and the latest industrial production figures.

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