UK GDP growth outlook nudged higher in June from May

(Alliance News) - The UK economy is now expected to grow this year, according to an average of City forecasts on Wednesday.

UK gross domestic product is expected to grow 0.1% in 2023, according to an average of independent forecasts collated by the Treasury. It is a more bullish outlook than the 0.1% from independent forecasts in May.

Based on the average of new forecasts, so the 12 received between June 1 and 16, GDP for 2023 is expected to be up 0.3%.

The inflation rate for the year is expected to 4.7%, according to an average of all independent forecasts, compared to 4.1% in May's release. Based on the average of new forecasts alone, an inflation of 4.7% is also expected.

The unemployment rate at the end of the year is forecast to be at 4.1% based on June averages, slightly lower than 4.2% based on May averages. The average of new forecasts alone was 4.1%.

By Sophie Rose, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.