The UK economy [October 2002]

Research output: Contribution to journalArticle

Abstract

The UK economy is weaker at this time than expected in early summer. As growth in the global economy continues to be weak forecasters have tended to revise down slightly their forecasts for both this year and next. Against this background the inflation picture has improved and the prospect of a rise in interest rates has receded. But the labour market has weakened slightly over the last few months. The net trade position is improving as exports pick up and the growth of domestic consumer demand appears to be moderating slightly. The prospects of a shift to export- led growth as the world economy recovers therefore seem brighter than earlier in the year. Nevertheless, there are considerable uncertainties in the world economy for both real economic as well as political reasons, such as the growing threat of a war with Iraq.
LanguageEnglish
Pages14-15
Number of pages2
JournalQuarterly Economic Commentary
Volume27
Issue number3
Publication statusPublished - Oct 2002

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World economy
Economics
Global economy
Consumer demand
Labour market
Iraq
Export-led growth
Interest rates
Threat
Uncertainty
Inflation

Keywords

  • UK economic performance
  • UK economic output
  • UK gross domestic product (GDP)

Cite this

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The UK economy [October 2002]. / Ashcroft, Brian.

In: Quarterly Economic Commentary, Vol. 27, No. 3, 10.2002, p. 14-15.

Research output: Contribution to journalArticle

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