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Real GDP in the UK grew by 0.4% in Q1 2016 compared with the previous quarter. In the same quarter, the Eurozone saw growth of 0.6%, while the US grew by 0.3%.
On 19 July, the IMF lowered its 2016 GDP growth forecast for the UK from 1.9% (at the time of the last forecast in April) to 1.7% and from 2.2% to 1.3% for 2017. The IMF cited uncertainty following the UK’s decision to leave the EU as the reason for its downgrade.
Commons Briefing papers SN02784
Author: Daniel Harari