2023.06.1405:29:00UTC+00European Economic News Preview: UK GDP Data Due

Monthly GDP data from the UK and industrial output from the euro area are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK monthly GDP, industrial output and foreign trade data. Gross domestic product is forecast to grow 0.2 percent on a monthly basis in April, reversing a 0.3 percent fall in March.

The UK visible trade deficit is expected to widen to GBP 16.5 billion in April from GBP 16.36 billion in March. In the meantime, Destatis is scheduled to publish Germany's wholesale prices for May. Wholesale prices are forecast to fall 3.3 percent annually, sharper than the 0.5 percent decrease in April.

Also, Statistics Sweden issues consumer price data for May. Economists forecast inflation to slow to 9.4 percent from 10.5 percent in April.

At 5.00 am ET, Eurozone industrial production data is due. Economists expect output to grow 1.0 percent on month in April, in contrast to the 4.1 percent fall in March.