Strong manufacturing and services orders, as well as the BCC's survey, suggest that GDP growth could be as high as one per cent in the second quarter.
At the bottom of the range, growth could be as low as 0.5 per cent. Still not a huge number, but a marked improvement on the 0.3 per cent growth we saw in the first quarter of 2013.
Chris Williamson, chief economist at Markit:
The buoyant picture for June means the economy is on course to expand by at least 0.5% in the second quarter, with more growth to come.
Howard Archer, chief UK and European economist, IHS Global Insight:
We now expect GDP growth in the second quarter to be at least 0.6% quarter-on-quarter which would be double the 0.3% rate achieved in the first quarter. We have recently lifted the expected second quarter growth rate to 0.6% quarter-on-quarter from 0.5% quarter-on-quarter, and there is a very real possibility that it could come in higher still.
Jeremy Cook, chief economist at the currency company, World First, said:
The UK has posted three PMI numbers better than market expectations in a row now, with the services sector rising at a pace not seen for some 6 years.
For the services industry we cannot look past the improvement in weather as a key driver of sales volume, alongside increasing business confidence which seems, much like yesterday’s construction release, to have extended as a result of buoyant future orders.
All of this makes tomorrow’s Bank of England announcement even more likely to be a non-event. And we should expect to see UK GDP for Q2 coming in at around 0.6% based on these numbers.
Martin Beck, UK economist, Capital Economics:
Alongside yesterday’s positive BCC survey, which pointed to even stronger quarterly growth of close to 1%, evidence that a recovery in the economy may be finally taking root is becoming more telling. Admittedly, the recovery still faces some headwinds, but, for now at least, things seem to be moving in the right direction.