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UK 2025 economic growth forecast lowered amid weaker outlook
Posted on February 4, 2025 |
The UK economy will grow at a slower pace in 2025 due to weak performance late last year.
Chancellor Rachel Reeves faces difficulties in boosting economic growth to support Labour’s financial plans.
Experts now predict the UK’s GDP will rise by 1% in 2025, lower than the earlier estimate of 1.5%.
The economy expanded by 0.8% in 2024, but weak growth in the second half included just 0.1% GDP growth in November and a 0.1% drop in October.
After stagnating in the third quarter of 2024, the economy is expected to improve, with a projected 1.6% growth in 2026.
Consumer confidence is set to improve, with spending expected to grow by 1.6% in 2025.
Inflation will likely remain above the Bank of England’s 2% target, averaging 2.8% throughout the year.