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Financial News: UK GDP Growth Improves In October: NIESR

UK GDP Growth Improves In October: NIESR

11/10/2017 - 08:34:00 (RTTNews)

(RTTNews) - UK economic growth slightly improved in October, despite a slowdown in activity versus a year ago, the National Institute of Economic and Social Research showed Friday.

Economic output grew 0.5 percent in the three months to October, which was slightly stronger than the 0.4 percent expansion in the third quarter, the think tank said, citing its monthly estimates of GDP.

The monthly estimate is closely tracking the forecast for real GDP growth for the final quarter of this year of 0.5 percent, the NIESR said.

"Although economic growth is likely to be stronger in the second half of this year compared with the first, it is important to note that activity has slowed since last year and this at a time when growth in other OECD countries has strengthened," Amit Kara, Head of UK Macroeconomic Forecasting at NIESR, said.

"Looking ahead, we expect the pattern of demand in the UK economy to rebalance towards international trade in response to strengthening global growth and weaker sterling and away from domestic demand."

If the economy continues to expand at this pace and inflation remains elevated, there is a case for the Bank of England to gradually raise the policy rate to stop the economy from overheating, Kara said.

The NIESR's latest forecast for the UK is conditioned on a 25 basis points increase in Bank Rate every six months such that the policy rate reaches 2 percent in 2021, the economist added.

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