Press Release: Monthly GDP Tracker - UK remains on course for 2.0 per cent growth in 2020 Q1, but outbreak of the Coronavirus poses a major threat to the economic outlook

Published: 11th March 2020

*FOR IMMEDIATE RELEASE*

UK remains on course for 0.2% growth in 2020Q1, but outbreak of the coronavirus poses a major threat to the economic outlook

Main points

  • The UK economy remains on course to grow by 0.2% in first quarter of 2020 (figure1.)
  • According to new ONS statistics published this morning, the UK economy expanded by 0.0 per cent in the three months to January, consistent with what we had forecast last month.
  • Output also stagnated in January itself, with services growth being offset by declines in production and construction. 

Dr Kemar Whyte, Senior Economist - Macroeconomic Modelling and Forecasting, said: “Economic activity in the UK appears to have been picking up at the beginning of the year.  But the outbreak of the Coronavirus poses a major threat to the economic outlook. With supply chain headwinds now arising as a result of the outbreak, there are substantial downside risks to the near-term outlook.”

Please find the full analysis in the document attached

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Notes for editors:

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