(Alliance News) - The UK economy is expected to grow 0.8% in 2024 and accelerate in 2025, according to an average of City forecasts compiled by the UK government and issued on Wednesday.
UK gross domestic product is expected grow 0.8% in 2024, according to an average of independent forecasts collated by the Treasury. It is an upgrade from 0.6% in May.
The average of new forecasts received also calls for 0.8% growth in GDP. It is up from 0.6% of then-new forecasts received in May.
The consumer price inflation rate for 2024 is expected at 2.4%, according to an average of all independent forecasts, and up from 2.1% in May. The average of new forecasts also pencils in inflation of 2.4% for 2024, up from 2.2% of then-new forecasts received in May.
The unemployment rate at the end of the year is forecast to be at 4.5%, up from 4.4% in May.
Looking forward to 2025, GDP is expected to grow 1.3%, up from 1.2% in May.
The inflation rate for 2025 is anticipated at 2.2%, an expected slowdown from 2.4% anticipated for 2024.
The unemployment rate for the final quarter of 2025 is expected at 4.5%, up from a previous estimate of 4.4% in May.
By Tom Budszus, Alliance News slot editor
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