This time last year, analysts and investors were nearly unanimous in their expectation for a whole lot of nothing from Britain’s economy which, after a valiant leap higher from a spectacularly successful 2012 Olympic Games hosted in London, was back to just bumping along.
Now the UK is looking to clock the best sprint in the G7 for the first three months of a year – and by a wide margin.
The Reuters poll found a consensus for 0.9 percent growth in the UK in the first three months of the year on the quarter before. That would be the best in nearly four years, and just slightly below the Bank of England’s newly upbeat prediction. The data are due on Tuesday.
What’s all the more astonishing is that not only would that be the best expected growth rate in the G7, trailed by Germany at 0.6 percent, but it is triple the equivalent growth rate forecast for the United States.
Poor performance for the U.S. has already been blamed by analysts and the Fed alike on terrible winter weather that pounded the U.S. northeast and stretched beyond the normal geographic boundaries of winter. A rebound from that weakness is already taking hold.