The National
Institute of Economic and Social Research (NIESR) announced on Wednesday that
it now sees the UK’s GDP to expand by 0.2 per cent in the third quarter of 2024,
driven by the services and construction sectors.
The NIESR noted
that today’s ONS data indicated that the British GDP demonstrated no change m-o-m in July, as the increase in the services output was offset by falls in the production and
construction sectors. Such an outcome was slightly worse than its previous forecast
of a 0.1 per cent m-o-m advance.
In the three months to July, Britain’s
economy grew by 0.5 per cent q-o-q, matching NIESR’s previous projection.
According to NIESR updated estimates, the UK’s
GDP will likely be flat m-o-m
in August and will increase 0.1 per cent m-o-m in September.