UK: Better than expected economic data releases - BBH

Research Team at BBH, suggests that the UK could not have hoped for better data today as the Q2 GDP estimate unexpectedly rose to 0.7% from 0.6 but somehow, in the machinations of GDP calculations, this turned into a 2.1% year-over-year pace, down from 2.2%. 

Key Quotes

“The Q2 current account deficit was also smaller than anticipated, while investment was stronger than expected, rising 1.0% or twice the median forecast.  Most promising for Q3 was news that the index of services for July rose 0.4%.  This is the second best of the year thus far.  The median forecast was for a 0.1% increase.  The June series was also revised higher (0.3% from 0.2%).”