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Financial News: U.K. GDP Growth Set To Ease In 2017:

U.K. GDP Growth Set To Ease In 2017: NIESR

01/31/2017 - 23:40:00 (RTTNews)

(RTTNews) - The U.K. economy is set to see a slower growth this year, the National Institute of Economic and Social Research said Tuesday.

The think tank expects the economy to grow 1.7 percent this year and 1.9 percent next year, slower than the 2 percent estimated for 2016.

The resilience of the economy in 2016 has largely been supported by robust expansion in real consumer spending.

The institute said the composition of growth is set to rebalance towards net trade, as the headwinds facing households from the erosion of their real incomes weigh on consumer spending, while the depreciation of sterling supports net trade.

Driven by sharp depreciation of sterling, inflation is forecast to rise throughout the year. Inflation is expected to average 3.3 percent this year and 2.9 percent in 2018, returning back to the Bank of England's mandated target in 2020.

The think tank further expect the BoE to 'look through' the temporary period of above target inflation and to keep interest rates unchanged until the middle of 2019.

As a result of the mild slowdown of the economy, the institute expects the unemployment rate to edge up to an annual average of 5.1 percent of the labor force in 2017 and 5.4 percent in 2018.

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