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IMF ups UK growth forecast

IMF ups UK growth forecast

Category: Economy

Updated: 09/07/2013
First Published: 09/07/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

In a tentative sign that the UK economy is slowly returning to health, the International Monetary Fund (IMF) today raised its growth forecast for the country from 0.7% to 0.9%.

This is the first time since April 2012 that the IMF has revised its forecast for the country upwards.

In April this year, the Fund cut UK growth prospects from 1% to 0.7%, which ignited wide-spread debate on whether Chancellor George Osborne should change his tough cost-cutting measures.

This latest forecast comes amidst recently-released figures showing a rise in business confidence as well as a surge in mortgage approval numbers, while the National Institute of Economic and Social Research revealed today its prediction that economic output grew by 0.6% in the second quarter of 2013, compared to growth of 0.3% in the first quarter of the year.

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