You are here: Home - News -

Weak retail sales held back UK growth in Q1 2017, says think tank

by: Paloma Kubiak
  • 07/04/2017
  • 0
The UK economy slowed slightly in the first quarter of 2017, according to the National Institute of Economic and Social Research (NIESR).

Estimates from the think tank suggest GDP output grew by 0.5% in the three months ending in March 2017, after growth of 0.5% in the three months ending February 2017.

NIESR said the slowing growth was due to weak retail sales.

James Warren, research fellow at NIESR, said: “We estimate growth slowed slightly in the first quarter of 2017 to 0.5%. A key component of this moderation has been relatively weak retail sales in the first two months of this year.

“Consumption is expected to moderate further this year as increasing inflation erodes households’ purchasing power. We expect the Bank of England to look through this temporary shock to inflation and for monetary policy to remain accommodative.”

In NIESR’s latest quarterly forecast published in February, it projected GDP growth of 1.7% in 2017 and 1.9% in 2018.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
headshot of Graham Felstead
NatWest Intermediary Solutions launches into Northern Ireland

Natwest Intermediary Solutions has launched in Northern Ireland today, replicating its services, lending criteria and policy for England, Wales and...

Close