The Office for National Statistics (ONS) will almost certainly show a sluggish growth of 0.3 per cent at best for the second quarter, with some analysts forecasting as low as 0.2 per cent.
The first GDP reading for the second quarter will only provide information about growth in key sectors of the economy, without giving details about consumer, government or export demand. And a low figure will certainly bring calls for the Government to change its deficit policy.
However, Chancellor George Osborne has said that it is important for the government to stick to its economic plan "in a world of very great uncertainty".
"We have brought stability to the British economy, we have brought interest rates down and we are creating private sector jobs. That is all evidence that our economic plan is working and on track," he told a press conference.
Various factors are being blamed for the feeble growth, including the extra Bank Holiday in April and the effects of the Japanese earthquake and tsunami.
Despite the growth or lack of it, many economists are keen for the Government to stick to its deficit reduction plans in an attempt to maintain the UK’s AAA rating.
Ross Walker, UK economist at Royal Bank of Scotland said "What would be more damaging would be if we were to see slippage on spending cuts."
And Danny Gabay at Fathom Consulting added: "The biggest risk to our rating is if the Government caves in. It has set out a plan for short-term pain that leads to long-term growth. That has got to be right."
In support of these arguments the IMF said last month that the UK's high inflation and low growth had been unexpected but were largely temporary and that no changes to policy were yet needed.
"For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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