As UK GDP grew merely 0.1% mom in Q2, NIESR said the final forecast for Q1 is for growth of 1.0% only. The initial nowcast for the second quarter of 2022 is for GDP unchanged from the first quarter, with a small quarter-on-quarter fall in production and a small rise in construction.
NIESR added: “NIESR research has suggested that inflation will now average 7 per cent in 2022, and GDP growth could be reduced by 0.8 percentage points to 4.0 per cent from the 4.8 per cent we forecast in our Winter 2022 UK Economic Outlook. This analysis will be updated in our Spring UK Economic Outlook, to be published on 10th May.”
