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- UK’s economy set to decline 3.8 percent in Q1 - NIESR
UK’s economy set to decline 3.8 percent in Q1 - NIESR
National
Institute of Economic and Social Research (NIESR) reported on Friday its
estimates revealed the UK’s economy is to decline by 3.8 percent in the first
quarter of 2021 instead of 3.4 percent estimated in January, as stringent
Covid-19 restrictions are expected to remain elevated until early spring, along
with the effects of post-Brexit adjustment. Nevertheless, growth will pick up
from the second quarter onwards as restrictions ease on the back of a successful
vaccination program, the report added.
It was also
noted that the ONS statistics published this morning revealed the UK economy grew
1.0 percent growth in the fourth quarter of 2020, consistent with annual contraction
of 9.9 percent, which is likely to be the largest annual fall among G7
countries last year and matched NIESR’s last month forecast.
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