GDP: the City begs to differ
Back in March the Office for Budget Responsibility published their Economic and Fiscal Outlook; possibly the most quoted forecast is for expected levels of GDP to 2015. Yesterday, the Treasury published their monthly round-up of City economists’ Forecastsfor the UK Economy including their “medium-term forecasts”. They’re a bit less optimistic than the OBR:
With the National Institute estimating growth in the three months to Apil at 0.3% – an annual rate of just 1.2% – this is a perfectly fair consensus.
After all, the latest Eurostat data do show us down at the bottom of the European league for growth in the first quarter of 2011: