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The economy grew by 0.1% in Q1 2018 compared to the previous quarter. This is the slowest quarterly growth since Q4 2012 and follows growth of 0.4% in Q4 2017.
Compared to the year before, GDP was 1.2% higher in Q1 2018, the slowest annual rate of growth since Q2 2012.
The Office for National Statistics suggests that while bad weather in February and March had some impact on the economy, its overall effect was limited. However, in the Bank of England’s assessment, the relative weakness in GDP growth in Q1 largely reflects the bad weather.
GDP is estimated to have grown by 1.8% in 2017, following growth of 1.9% in 2016.
GDP in cash terms was £2,038 billion in 2017.
The Treasury’s May 2018 survey of independent forecasts for GDP growth showed an average forecast of 1.4% for 2018 and 1.5% for 2019.
At the March 2018 Spring Statement, the Office for Budget Responsibility (OBR) forecast growth of 1.5% in 2018 and 1.3% in 2019.
Commons Briefing papers SN02783
Author: Feargal McGuinness
Topic: Economic situation