2020.05.1305:02:00UTC+00European Economics Preview: UK GDP Data Due

Quarterly national accounts, industrial production and foreign trade figures from the UK are due on Wednesday, headlining a busy day for the European economic news.

At 2.00 am ET, the Office for National Statistics is slated to issue a slew of economic reports. The UK economy is forecast to shrink 2.5 percent sequentially in the first quarter after staying flat in the fourth quarter of 2019.

Economists forecast UK industrial production to fall 5.6 percent on month in March and manufacturing output to drop 6 percent. The trade deficit is seen at GBP 10 billion in March versus GBP 11.5 billion a month ago.

At 3.00 am ET, consumer prices from the Czech Republic and industrial production from Hungary are due. The Czech inflation is expected to ease to 3.1 percent in April from 3.4 percent in March.

In the meantime, current account data is due from Turkey. Economists forecast the current account deficit to widen to $4 billion in March from $1.23 billion in February.

At 3.30 am ET, Statistics Sweden is scheduled to release consumer prices for April. Economists forecast consumer prices to rise 0.1 percent on year, slower than the 0.6 percent increase in March.

At 5.00 am ET, Eurostat is scheduled to issue euro area industrial production for March. Output is expected to fall 12.1 percent on a monthly basis after easing 0.1 percent in February.