European Economics Preview: UK Chancellor To Present Spring Budget
March 07 2017 - 08:32PM
RTTF2
UK Chancellor of the Exchequer Philip Hammond is set to unveil
the Spring Budget later on Wednesday.
At 2.00 am ET, Destatis is scheduled to issue Germany's
industrial output data for January. Economists forecast output to
grow 2.6 percent on month in January, reversing a 3 percent fall in
December.
In the meantime, industrial production data is due from Turkey.
Production is forecast to gain 1 percent month-on-month in
January.
At 2.45 am ET, the French statistical office Insee is slated to
release foreign trade figures. The trade deficit is seen widening
to EUR 3.8 billion in January from 3.42 billion in December.
At 3.00 am ET, industrial production from Spain and consumer
prices from Hungary are due. Hungary's inflation is expected to
rise to 2.8 percent in February from 2.3 percent in January.
At 3.15 am ET, the Federal Statistical Office releases Swiss
consumer price data for February. Prices are expected to climb 0.4
percent annually after rising 0.3 percent in January.
At 7.30 am ET, Chancellor Hammond delivers the Spring Budget.
The UK budget deficit position is expected to be better than the
government had estimated in November as the economy grew more than
projected.
The estimate of public sector net borrowing is likely to be
revised down by around GBP 10 billion in both 2016/17 and 2017/18,
Capital Economics, said. But lower growth in 2018 and 2019 will
mean downward revisions to net borrowing in the later years of the
forecast are smaller at around GBP 5 billion.
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