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The UK economy is forecast to shrink by 0.8% in 2023, before growing by 0.9% in 2024, according to a consensus of independent forecasts released by the UK government on Wednesday.
The UK Treasury publishes a monthly round-up of independent forecasts for the UK economy, which it notes do not reflect its own views.
The overall forecast of a 0.8% decline in UK gross domestic product in 2023 is unchanged from January. However, based only on 21 new forecasts received between February 1 and February 13, GDP is forecast to decline by slightly less, at 0.7%.
The overall range of forecasts for GDP is 2023 is between a decline of 1.8% and growth of 0.2%.
For 2024, GDP is forecast to increase by 0.9%. No average for 2024 was calculated in January. The range of GDP movement forecasts for 2024 is between a decline of 1.4% and growth of 2.1%.
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