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Prospects for the UK Economy

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  • Kirby, Simon
  • Metz, Robert
  • Riley, Rebecca

Abstract

The economy continued to grow faster than its trend rate in the first half of 2004. Preliminary estimates show GDP rising by 0.9 per cent in the second quarter of the year. Measured on an annualised basis, this brings the average rate of growth since the middle of last year to 3.6 per cent. It is our view that this brings the economy very close to capacity. We expect the output gap to average 0.1 per cent of trend GDP this year (see chart 1).

Suggested Citation

  • Kirby, Simon & Metz, Robert & Riley, Rebecca, 2004. "Prospects for the UK Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 189, pages 37-56, July.
    • Handle: RePEc:cup:nierev:v:189:y:2004:i::p:37-56_4
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