UK economy likely picked up a little speed in Q3 – NIESR

LONDON (Reuters) – Britain’s economy probably picked up a little speed in the third quarter of 2017, the National Institute of Economic and Social Research (NIESR) estimated on Tuesday. Gross domestic product likely increased by 0.4 percent compared with the previous three months when it rose 0.3 percent, NIESR said. Its forecast followed better-than-expected data on industrial and construction output earlier on Tuesday. “Although economic growth is likely to be a touch stronger in the second half of this year compared with the first, it is important to note that activity has slowed since last year and this at a time when real GDP growth in other major economies such as the euro area and the USA has strengthened,” said Amit Kara, head of UK macroeconomic forecasting at NIESR. He added that he saw a “strong chance” that the Bank of England would hike interest rates next month, having previously forecasted a rise in February 2018. (Reporting by Andy Bruce, editing by David Milliken)

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