Prospects for the UK Economy

In: National Institute economic review: journal of the National Institute of Economic and Social Research, Band 192, S. 40-54

Abstract

Output growth in 2004 was 3.1 per cent, and the preliminary estimate for growth of GDP in the first quarter of 2005 was 0.6 per cent, slightly higher than on our early estimate. Relatively robust growth over the recent past suggests to us that the output gap has now closed, as we can see from chart 2. We anticipate that growth will rise further in the second quarter.