Prospects for the UK Economy

Ehsan Khoman and Simon Kirby

National Institute Economic Review, 2007, vol. 202, 42-60

Abstract: GDP growth in the second quarter of this year remained robust at a quarterly rate of growth of 0.8 per cent. With revisions to previous quarters, economic growth has been maintained at this rate since the end of 2006. NIESR's monthly estimate of GDP showed this robust growth continuing into the third quarter of this year. The official preliminary estimate confirms the pattern of robust growth continuing into the third quarter of this year (figure 1). In light of this we have revised our forecast for GDP growth this year up from 2.8 per cent to 3.1 per cent. We have revised down our forecast for GDP growth in 2008 from 2.6 to 2.2 per cent. This reflects weaker net trade, with the recent financial turmoil having only a small domestic impact.

Date: 2007
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