March 13, 2018 / 12:48 PM / 3 months ago

UK nudges up 2018 growth forecast - Chancellor

LONDON (Reuters) - Britain has nudged up its official forecast for economic growth in 2018 while the outlook for subsequent years was unchanged or slightly worse, Chancellor Philip Hammond said on Tuesday as he delivered an update on the economy.7

Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street in London, March 12, 2018. REUTERS/Simon Dawson

The country’s official budget forecasters now expect gross domestic product will grow by 1.5 percent in 2018, compared with a forecast of 1.4 percent made in November.

Growth forecasts in 2019 and 2020 were 1.3 percent for both years, unchanged from the November forecast.

By 2021 the growth forecast was 1.4 percent, compared with a previous forecast of 1.5 percent. The forecast for 2022 was 1.5 percent, compared with 1.6 percent in November.

Reporting by UK bureau; writing by Andy Bruce; editing by David Stamp

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