08:16 AM EST, 11/11/2024 (MT Newswires) -- United Kingdom's economic growth over the summer will likely slow after a solid H1, said Deutsche Bank.

The bank expects Q3 gross domestic prodcut growth to slow to a more "paltry" 0.2% quarter over quarter. Deutsche Bank sees September GDP, which will also be released as part of the GDP data dump, rising by 0.2% month over month.

The UK will release Q3 and September GDP data on Thursday, at 2 a.m. ET.

Risks are skewed higher on the quarterly print, but lower on the monthly September print, the bank stated.

Looking ahead, Deutsche Bank predicts Q4 GDP growth to pick up by 0.4% quarter over quarter, taking the annual growth rate for 2024 to 1%. Risks are skewed lower on both fronts.

Beyond 2024, budget uncertainty as a result of tax rises -- particularly the employer National Insurance Contributions (NICs) alongside geopolitical risks emanating from a potential escalation in trade war -- raises downside risks to growth next year and after, it added.

For now, the bank estimates GDP growth next year touching 1.5%, before expanding by 1.6% the year after.