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Real GDP in the UK grew by 0.4% in Q3 2017 compared with the previous quarter. The US economy saw growth of 0.7%, while the Eurozone continued its run of relatively strong growth at 0.6%.
On 9 November the European Commission downgraded its 2017 GDP growth forecast for the UK to 1.5% from 1.8% in the previous May forecasts (their 2018 growth forecast is unchanged at 1.3%). Eurozone growth forecasts were raised to 2.2% in 2017 (from 1.7%).
On 10 October the IMF released new forecasts, with GDP growth projections for the UK unchanged from the previous July forecasts at 1.7% in 2017 and 1.5% in 2018. Eurozone growth forecasts were raised to 2.1% in 2017 (from 1.9%) and to 1.9% in 2018 (from 1.7%).
Commons Briefing papers SN02784
Author: Daniel Harari