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OECD hikes UK GDP forecast to 1.5%

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  • 04/09/2013
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OECD hikes UK GDP forecast to 1.5%
An international think-tank has upgraded its 2013 economic growth outlook for the UK to 1.5% GDP after increased momentum in the first half of the year.

The Organisation for Economic Co-operation and Development has almost  doubled its earlier prediction of 0.8%. Its revised prediction puts UK growth this year ahead of both Germany and France.

The improving investment and export outlook means thwe OECD expects substantial quarter on quarter growth this year.

In its report, the OECD ranked the UK alongside North America and Japan as economies showing encouraging progress: “The pace of recovery in the major advanced economies improved in the second quarter and growth is expected to be maintained at a similar rate in the second half of the year.”

The Bank of England’s attempts to support the economy through monetary policy were “strong”, it said, and while inflation was high, it was expected to decelerate in future.

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