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ONS cuts Q1 and Q2 UK growth forecasts

The Office for National Statistics has cut its forecast for UK economic growth from 0.2 per cent to 0.1 per cent for the second quarter of 2011.

Incorporating new data and a new methodology for calculating growth, the ONS has also revised down its final estimate for first quarter growth in the year from 0.5 per cent to 0.4 per cent.

The ONS says the weakness of growth in both quarters, particularly the second, “reflects a number of pressures that are being felt in the wider economy by both businesses and households”.

The statistics agency has also cut its previous forecast of 0.4 per cent growth for the economy in the first quarter of 2010 from 0.4 per cent to 0.2 per cent.

“The weakness of growth in the second quarter continues a series of weak quarterly growth rates since late 2010,” says an ONS statement.

“The level of output at the end of the second quarter is around the same level as it was in the third quarter of 2010, so the drop in output in the fourth quarter has only now been recovered.”

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