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Financial News: NIESR Lifts UK Growth Outlook

NIESR Lifts UK Growth Outlook

02/06/2018 - 23:51:00 (RTTNews)

(RTTNews) - The UK economy is projected to expand more than previously projected this year primarily due to a more positive outlook for global growth, the National Institute of Economic and Social Research said Wednesday.

The think tank lifted the growth outlook for 2018 to 1.9 percent from 1.7 percent. Both positive global outlook and progress in Brexit negotiations contributed to the upward revision.

"The contribution of the global recovery to the UK has been critical," said NIESR. Further, the think tank assumed a 'soft' Brexit where the UK achieves close to full access to the EU market.

Net trade will continue to make a sizeable contribution to economic growth, helping the economy re-balance away from domestic demand over the next two years, the institute said.

Gross domestic product is expected to advance again by 1.9 percent in 2019.

The think tank forecast inflation to ease to 2.4 percent this year and to 2 percent in 2019. Inflation projections were broadly unchanged from November.

The Bank of England is expected to continue with policy normalization by raising Bank Rate every six months until the policy rate reaches 2 percent in the middle of 2021.

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