Market comment

PMI surveys likely to suggest euro area and UK GDP growth gathered momentum in Q2

DAVY VIEW

This morning’s flash PMI readings for the euro area and UK will likely show that GDP growth gathered momentum in Q2 2023. April’s PMI readings suggested growth had picked up to its fastest pace in a year and may have been held back by uncertainty following the collapse of Silicon Valley Bank (SVB) and the sale of Credit Suisse. Both the euro area and UK economies saw feeble 0.1% growth in Q1, effectively flatlining through the turn of the year but avoiding the technical recession many had predicted.

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May 23 2023, 08:00 IST/BST

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