Forecasts for UK economy upgraded in latest sign recovery picking up momentum
OECD predicts 1.5% growth this year, up from May forecast of 0.8%
The OECD today revised its forecast for GDP growth this year to 1.5 per cent, almost doubling its May prediction of 0.8 per cent.
It also revised up its forecasts for some eurozone states, following the bloc’s emergence from recession earlier this year. The multinational think-tank now sees France growing by 0.3 per cent, rather than contracting by 0.3 per cent. The Paris-based OECD also said Germany would grow by 0.7 per cent, up from its previous forecast of 0.4 per cent.
However, it downgraded its growth forecasts for some emerging-market economies, which have seen capital outflows in recent months. It now sees Chinese GDP growing by 7.4 per cent in 2013, against a previous 7.8 per cent forecast.
“The bottom line is that advanced economies are growing more and emerging economies are growing less” said OECD chief economist Pier Carlo Padoan.
The UK Government’s own forecaster, the Office for Budget Responsibility, is likely to follow the OECD by revising up its GDP forecasts later this year. At the time of the March Budget, it forecast growth in 2013 of 0.6 per cent. But the economy grew by 0.7 per cent in the second quarter alone, after 0.3 per cent growth in the first quarter.
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered
- 4 Now we know whose fault it is if you end up being murdered in Thailand
- 5 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
- < Previous
- Next >
£18000 - £23000 per annum + Uncapped OTE: SThree: SThree Group have been well ...
£18000 - £23000 per annum + OTE: SThree: Real Staffing Group is seeking Traine...
£120 - £140 per day: Randstad Education Leeds: We have an exciting opportunity...
Competitive: Randstad Education Manchester: SEN Teacher urgently required for ...