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Financial News: NIESR Expects UK Recovery To Slow Significantly

NIESR Expects UK Recovery To Slow Significantly

10/09/2020 - 11:44:00 (RTTNews)

(RTTNews) - UK economic recovery likely lost steam and is set to slow sharply in the fourth quarter of the year, the NIESR said Friday.

The think tank estimates that growth stopped in September and the economy stagnated. Growth is expected to be nearly 15 percent in the third quarter.

ONS data, released earlier on Friday, the UK economy grew by 2.1 percent in August, marking a fourth consecutive monthly increase. The estimates also showed that the UK economy grew by 8.0 percent in the three months to August.

The NIESR's initial forecast for the final quarter of the year is for growth of 1.3 percent.

"However, there is further cause for concern ahead with the likely re-imposition of lockdown measures, the winding down of government support measures, and Brexit uncertainty," NIESR Senior Economist Kemar Whyte said.

"We expect the economy at the end of this year to be some 8.5 percent below its level at the end of 2019."

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