Gross domestic product growth has slowed in the last quarter to 0.5 per cent, according to a forecast.
The National Institute of Economic and Social Research (NIESR) predicts the growth rate has fallen in the three months to March, from 0.6 per cent in the three months to February.
“This period of below-average growth is to be welcomed,” NIESR said in a statement.
“While the problems of the financial sector may affect the economy in the near future, they have not had a large impact in the seven months since the crisis began.”
The Bank of England has been expecting a slight slowdown in growth to keep inflation in check.
Yesterday, the IMF said it believes growth will slow to 1.6 per cent overall this year, significantly weaker than the government’s forecast of around two per cent.
Earlier this month, the Confederation of British Industry (CBI) also downgraded its 2008 outlook for UK growth, down 0.2 per cent to 1.8 per cent, and the Institute of Directors have followed suit.
The Office for National Statistics (ONS) is due to release the official figures for the period on April 25th.
Share this article:
What are these?