UK forecasts show 4% GDP expansion in 2021

by Reuters
Wednesday, 3 March 2021 12:44 GMT

LONDON, March 3 (Reuters) - Britain's economy is forecast to grow 4% in 2021, finance minister Rishi Sunak said on Wednesday, citing the latest projections from the Office for Budgetary Responsibility (OBR) during his budget statement.

Wednesday's forecasts were lower than those produced in November, when the OBR had forecast a 5.5% rebound for 2021.

Looking further ahead, the OBR forecast gross domestic product would grow 7.3%, 1.7% and 1.6% in 2022, 2023 and 2024 respectively. In November, the OBR had forecast growth of 6.6%, 2.3% and 1.7%. (Reporting by David Milliken, writing by William James, editing by Elizabeth Piper)

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