• This week's economic update

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    November 06, 2018
    In its latest forecasts, the Office for Budget Responsibility expects GDP growth for 2018 of 1.3%, down from their previous forecast of 1.5% published in March 2018. The growth forecast for 2019 has been upgraded to 1.6%, from 1.3%. Forecasted growth in 2020 has also been upgraded to 1.4%, from 1.3%.

    UK interest rates were kept at 0.75% with the Monetary Policy Committee voting unanimously (9-0) to hold. In its November 2018 inflation report, the Bank of England slightly downgraded its UK GDP growth forecast for 2018 to 1.3%, from its previous estimate of 1.4%. The central bank also downgraded its growth forecast for 2019 to 1.7%, from 1.8%. Their growth forecast for 2020 remains unchanged at 1.7%.
    The Eurozone economy grew by 0.2% in Q3 2018, lower than the growth of 0.4% recorded in Q2. In annual terms, the Eurozone economy grew by 1.7% in Q3, down from growth of 2.2% in Q2. 
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