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The UK economy is expected to grow more than previously expected, according to an average of City forecasts on Wednesday.
UK gross domestic product is expected to grow by 0.5% in 2023, according to an average of independent forecasts collated by the Treasury.
Based on the average of new forecasts, so the 12 received between November 1 and 13, GDP for 2023 is also expected to be up 0.5%. It is a more bullish outlook than the 0.4% from independent forecasts in October.
The inflation rate for the year is expected at 4.6%, according to an average of all independent forecasts and based on the average of new forecasts alone. This is slightly higher compared to the independent forecast of 4.5% in October.
The unemployment rate at the end of the year is forecast to be at 4.4% based on independent averages, in line with October’s estimates. The average of new forecasts alone for November was 4.3%.
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