(Based on November 2016 data releases)
This month’s headlines:
- Q3 UK GDP growth unrevised with business investment supporting growth in the quarter
- OBR downgrades its economic and fiscal outlook for the UK
- UK job market strengthens
UK growth was unrevised in Q3 at 0.5%. Despite the slow down, growth in Q3 marked the fifteenth successive quarter of growth. In annual terms GDP was up by 2.3% in A3. UK economic output is currently 8.1% above its Q1 pre-recession peak. Overall the latest GDP figures confirm that the UK economy is growth in line with the long-term historic average.
The Office for Budget Responsibility (OBR) has predicted slower growth for the UK in 2017. It has downgraded its forecast from 2.2% to 1.7%. The OBR expects 2.0% growth in 2016.
In the 3 months to September, UK employment rose by 49,000 compared with the previous quarter. The number of people unemployed fell by 37,000 over the same period. In Norfolk the recent October figure showed a slight rise in unemployment claimants from 6540 in September to 6830 in October. This is an average rise in claimants across Norfolk of 1.3%. Some of this rise can be attributed to seasonal work coming to an end.
For full details of this month’s economic review click here.
