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- Title
The UK economy.
- Abstract
This article analyzes the growth of British economy. Despite weak growth in the third quarter, the forces sustaining the upswing remain intact and the economy will expand robustly in 2005 and 2006. As an oil producer, Great Britain will be affected less by the rise in oil prices than other major developed countries which are net oil importers. The economy will become better balanced over the next two years as exports stage a recovery. Investment will remain strong in 2005 and net trade will add to GDP growth in 2006. Despite strong GDP growth, the Government's current budget will run a deficit of &pond;3bn in 2004-S. It will remain close to that level in 2005-6 and 2006-7. With the economy now operating at capacity, it is clear that this is a structural deficit which must be addressed by a fiscal tightening of around per cent of GDP.
- Subjects
UNITED Kingdom; ECONOMIC conditions in Great Britain; ECONOMIC development; ECONOMIC indicators; GROSS domestic product; EXPORT duties
- Publication
National Institute Economic Review, 2004, Vol 190, p3
- ISSN
0027-9501
- Publication type
Article