The UK's Office for Budget Responsibility (OBR) has released new growth forecasts, showing upgrades in growth for the next few years but a slight downgrade in 2027. Forecasts include 0.8% growth for 2024, 1.9% for 2025, 2.2% for 2026, 1.8% for 2027, and 1.7% for 2028. The impact of higher migration and stronger productivity on these forecasts is being closely watched.
New growth forecasts from the @OBR_UK 👇 Upgrades this year, next year and the one after. Slight downgrade in 2027. One important question is how much of this is down to higher migration and how much is down to stronger productivity. We’ll find out soon… https://t.co/zgMXXnfo9o
OBR reckons growth this year will be 0.8%. Not the booming economy of Tory dreams for election year.
Growth forecasts: 0.8% - this year 1.9% - next year 2.2% - 2026 1.8% - 2027 1.7% - 2028
OBR growth forecasts 2024: 0.8% 2025: 1.9% 2026: 2.2% 2027: 1.8% 2028: 1.7%
OBR revise up growth forecasts in next few years: 0.8% 2024 1.9% 2025 2.2% 2026 1.8% 2027 1.7% 2028