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Economic Research

United Kingdom Economic Outlook, Q3 2009

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Executive Summary

  • GDP will contract by 4.4% in 2009 and will grow by 0.3% GDP in 2010.  
  • Industrial output, consumption and house prices will continue to fall at a slower than average pace. 
  • UK is faced with deteriorating public finances, with borrowing to reach 12% GDP in 2009.

The UK economy will contract significantly in 2009. RGE has revised down its 2009 growth forecast to -4.4% from the -3.7% expected in the Q1 outlook. Positive growth will return in 2010 yet only reach 0.3% GDP. The severe contraction is driven by falling consumer spending and investment, with the former[...]

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