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The UK Economy

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  • Pain, Nigel

Abstract

The economic recovery in the UK has now been under way for some eighteen months or so. Although the recovery has thus lasted almost as long as the recession, whole economy output has not yet returned to the pre-recession peak attained in the first half of 1990 (see Chart 1). Recent data and business surveys indicate that the pace of recovery remains moderate, with growth broadly in line with trend levels of 2–2 1/2 per cent per annum. We continue to expect that growth will accelerate a little in the coming months, reflecting the gradual response of the economy to the relaxation in monetary policy over the last two years.

Suggested Citation

  • Pain, Nigel, 1993. "The UK Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 146, pages 7-29, November.
    • Handle: RePEc:cup:nierev:v:146:y:1993:i::p:7-29_2
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