SEB’s economists in a note says that while the ongoing crisis in the euro zone and worsening economic outlook for many of the UK’s important trading partners are downside risks, leading indicators such as the PMIs have been encouraging, suggesting that GDP growth will turn positive again in the current quarter. The UK may thus escape a technical recession. All in all, SEB’s GDP forecasts have been lowered to 0.4 per cent for 2012 and 1.7 per cent in 2013.