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BCC Economic Update
Laura Barnes05 November 2018In its latest forecasts, the Office for Budget Responsibility expects GDP growth for 2018 of 1.3%, down from their previous forecast of 1.5% published in March 2018. The growth forecast for 2019 has been upgraded to 1.6%, from 1.3%. Forecasted growth in 2020 has also been upgraded to 1.4%, from 1.3%.
UK interest rates were kept at 0.75% with the Monetary Policy Committee voting unanimously (9-0) to hold. In its November 2018 inflation report, the Bank of England slightly downgraded its UK GDP growth forecast for 2018 to 1.3%, from its previous estimate of 1.4%. The central bank also downgraded its growth forecast for 2019 to 1.7%, from 1.8%. Their growth forecast for 2020 remains unchanged at 1.7%.
The Eurozone economy grew by 0.2% in Q3 2018, lower than the growth of 0.4% recorded in Q2. In annual terms, the Eurozone economy grew by 1.7% in Q3, down from growth of 2.2% in Q2.
This week we anticipate the BCC and DHL release of the latest Quarterly International Trade Outlook this Friday, which will help us to understand nationally how exports are shaping up. Cornwall Chamber of Commerce touched on this recently with our recent blog regarding post-Brexit trading in the Duchy. We will attend the Bank of England Inflation Briefing this week and hear from Donna Keyhoe about the latest reports on the economy and trends seen within the finance sector.Tell a Friend
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