The UK economy is expected to grow 0.4% in 2024 and pick up speed 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 0.4% in 2024, according to an average of independent forecasts collated by the Treasury.
The average of new forecasts received - 18 between February 1 and 19 - also calls for 0.4% growth in GDP. It is unchanged from the expectation in January.
The consumer price inflation rate for 2024 is expected at 2.2%, according to an average of all independent forecasts. It is slightly lower than the 2.4% expected in January.
The unemployment rate at the end of the year is forecast to be at 4.6%, unchanged from January’s expectations.
Looking forward to 2025, GDP is expected to grow 1.2%.
The inflation rate for 2025 is anticipated at 2.1%, edging down from an expected 2.2% for 2024.
The unemployment rate for the final quarter of 2025 is expected at 4.6%, unchanged from the expected figure for the end of 2024.
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