Friday, UK's Office for National Statistics is expected to bring a bleak picture of the British economy with the release of the first estimate of the first quarter gross domestic product, or GDP. In addition, the Munich based Ifo Institute for Economic Research will publish results of the business confidence survey for Germany.

At 2.45am ET, the French statistical office is due to release household spending data for March. Economists see a monthly increase of 0.2% after a 2% decline in February. On an annual basis, consumer spending is forecast to decline 0.5%.

At 4.00am ET, Ifo Institute for Economic Research is due to announce results of the business survey for April. The economic expectations index for Germany is expected to be at 82.6 in April, up from 81.6 in March. The current conditions index is predicted to fall to 82.1 from the previous month's 82.7. Moreover, the Ifo's business climate is expected to rise to 82.3 from 82.1.

Thereafter, UK's Office for National Statistics slated to release the first estimate of the first quarter gross domestic product, or GDP. The British economy is forecast to contract 1.5% quarter-on-quarter in the first three months of the year following a 1.6% contraction in the previous quarter.

On an annual basis, GDP is expected to decline 3.8% after falling 2% in the final quarter of the previous year.

The ONS also set to issue retail sales data for March and a report on the service sector output. Economists foresee a 0.3% monthly decline and an annual fall of 1.1% in retail sales in March.

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