Evolving Forecasts

One silver lining in the latest estimate of the UK Q4 GDP figures is that the quarterly nominal GDP outturns appear to be fairly close to the Office for Budget Responsibility‘s estimates in the November 2011 Economic and Fiscal Outlook. Coupled with the (relatively) positive monthly borrowing data we might hope the OBR will not downgrade the fiscal position again in this month’s update.

Here’s how the OBR forecast has evolved, along with the current ONS data:

Level of Nominal GDP by Quarter

About these ads