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On the UK economics front there was news of stronger than expected GDP growth in the second quarter, which helped reinforce expectations that interest rates have further to climb.
He boasted: "A year ago, we expected GDP to grow by 2.4 per cent.
Clarke said he expected GDP growth in the second quarter to be little more than 0.1% or 0.2%.
This bodes well for the near-term outlook, indicating that despite an expected GDP growth rate of only roughly 0.5% this year, the labour market should remain stable.
The service sector was the driver behind the better than expected GDP data, but not everyone in the industry, which includes financial services, transport and retail, is upbeat.
All in all, we shouldn't expect global warming to dent expected GDP growth so much that a stifling tax rate is necessary.There is some wisdom in this analysis.
Similar(31)
Citigroup expects GDP to shrink for three years.
Next year, the OBR expects GDP growth of 2.3%, unchanged from March.
In July, it was expecting GDP growth of 2.4% this year and 2.3% in 2016.
Economists are expecting GDP to grow at a roughly 2% pace in the current quarter.
It now expects GDP to expand by 1.7% this year, compared with 1.6% previously.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com