U.K. economy's slight softening in the third quarter is likely to be temporary, the National Institute of Economic and Social Research said Wednesday, as it released its latest monthly estimate for GDP growth.
Output grew 0.5 percent in the three months ending September after similar increase in August, the think-tank said. The outcome was consistent with its latest quarterly forecast of 2.5 percent for this year and 2.4 percent for next year, the NIESR added.
"Economic growth remains reasonable and, although we do not expect the Bank of England's Monetary Policy Committee to vote to raise rates at its October meeting, we continue to expect the first rise in Bank Rate in the first half of 2016," the NIESR said.
"..The broad story of output growth post-recession is little changed and the return to the pre-recession peak following the most recent recession remains the most protracted in the last 100 years."
In its latest set of forecasts, released Tuesday, the International Monetary Fund raised U.K. growth projection for this year to 2.5 percent and maintained the outlook for next year at 2.2 percent.
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