Quarterly GDP growth rises to 0.7%: NIESR
GDP output grew by 0.7% in the three months to January, up from growth of 0.6% in Q4 2016, according to National Institute of Economic and Social Research estimates.
"Despite our estimates indicating a strong start of 2017, we expect economic growth to soften to 1.7% this year"
NIESR’s latest quarterly forecast projected GDP growth of 2% per annum for 2016 and 1.7% in 2017.
Oriol Carreras, Research Fellow at NIESR, said: “Our estimates suggest economic output in the three months ending in January 2017 was 0.7% higher than in the previous three months. Growth was driven by robust consumer spending combined with a pickup in output in production industries.
"This represents the first expansion of production, on a three month on three month rolling basis, since September 2016. Despite our estimates indicating a strong start of 2017, we expect economic growth to soften to 1.7% this year as rising consumer price inflation weighs on consumer spending.”
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