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The economy grew by 0.4% in August-October 2018 compared to the previous quarter (May-July).
This was driven by the relatively strong growth over the summer, although over recent months GDP has been broadly flat.
Looking at month-on-month growth rates, GDP was estimated to be flat in August and September, and grew by only 0.1% in October. These monthly figures are more volatile than the quarterly estimates.
In cash terms, GDP was £2,044 billion in 2017.
At the October 2018 Budget, the Office for Budget Responsibility (OBR) forecast growth of 1.3% for 2018 and 1.6% for 2019.
The Treasury’s November 2018 survey of independent forecasts for GDP growth showed an average forecast of 1.3% for 2018 and 1.5% for 2019.
Commons Briefing papers SN02783
Author: Feargal McGuinness
Topic: Economic situation