Uk gdp forecast

Britain’s economic growth ground to a halt in August, according to official figures. The August figure of 0% followed month-on-month growth of 0.4% in July, when the economy had been been buoyed by retail sales and construction. The latest data from the Office for National Statistics showed that UK GDP growth on a rolling three-monthly basis, from June to August, was 0.7% – unchanged from the figure for May to July, which was revised up in Wednesday’s release, along with the July growth figure. The ONS update comes after the International Monetary Fund downgraded British growth forecasts for this year. The global lender of last resort is now expecting a growth rate of 1.1% this year, down from 1.3%, as Brexit uncertainty weighs more heavily on trade and investment. … [Read more...] about UK GDP growth flatlined in August

A major international organisation has downgraded its forecasts for UK economic growth over the next two years, amid warnings of the uncertainty created by the possibility of a no-deal Brexit.The Organisation for Economic Co-operation and Development (OECD) cut its prediction for UK GDP growth in 2018 from 1.4% in May to 1.3% now, and for 2019 from 1.3% to 1.2%.And the body’s chief economist said it was “vital” for a Brexit deal to be struck which maintains the closest possible links between the UK and the European Union.The forecasts in the OECD’s Interim Economic Outlook see Britain lagging significantly behind the eurozone, with single currency area GDP slated to grow by 2% this year and 1.9% in 2019. But the report warns of a global slowdown amid uncertainties over political instability and protectionist trade policies.Already, tit-for-tat tariffs imposed by Donald Trump’s USA and China have contributed to global trade slowing “markedly” … [Read more...] about OECD downgrades UK growth forecast amid concern over no-deal Brexit

The British Chambers of Commerce (BCC) has downgraded various economic forecasts for Britain to reflect the current political climate, adjusting its forecast for growth in UK gross domestic product (GDP) for 2018 from 1.3 percent to 1.1 percent. Furthermore, the trade body downgraded its GDP growth forecast for 2019 to 1.3 percent, while opting not to revise its 2020 forecast. READ MORE: 'People Must Get a Final Say': London Mayor Calls for Another Brexit Vote © AP Photo / PRNewsFoto/Rail Europe, Inc.London Downplays France's Warning to Block Planes, Trains From UK in Case of No-Deal BrexitHighlighting the poor economic outlook on Monday, the BCC said, "Our latest forecast implies that by 2020 the UK economy will have experienced its second weakest decade of average annual GDP growth on record.” Moreover, the body said it expects other aspects of the UK economy to also perform poorly, … [Read more...] about BCC Downgrades UK GDP Growth Forecast Due to ‘Mounting Uncertainty’ Over Brexit

The British economy did not accelerate in the three months to May compared to the first quarter, according to monthly data released for the first time by the Office for National Statistics (ONS) – although a bounceback during the month of May itself will relieve Bank of England hawks hoping to raise interest rates. UK GDP grew by 0.2 per cent in the three months to May, the same pace as the first three months of the year. However, the new monthly GDP estimate – which the government's statisticians caution is a more volatile measure – showed growth of 0.3 per cent during the month, up from 0.2 per cent in April, with the ONS crediting the royal wedding and warmer weather for a boost to retailers in particular. Read more: Sterling jumps after Carney expresses 'greater confidence' in UK economy The weak trend is down to an unusually weak March, in which the economy did not expand at all, owing in part to bad weather. The new GDP figures have taken on an even more … [Read more...] about UK GDP growth recovers in May boost to Bank of England hawks