UK economy on track to grow at fastest since fourth quarter 2016 – NIESR

LONDON (Reuters) – Britain’s economy looks on track to grow at its fastest rate since the tail end of 2016, according to an estimate from the National Institute of Economic and Social Research (NIESR) on Friday.

FILE PHOTO: Construction workers work on a Taylor Wimpey housing estate in Aylesbury, Britain, February 7, 2017. REUTERS/Eddie Keogh/File Photo

NIESR forecast growth would pick up to a quarterly rate of 0.5 percent during the current quarter, its highest since the final quarter of 2016, after official figures showed growth accelerated to 0.4 percent in the three months to June.

“Growth is now close to our estimate of potential,” NIESR economist Amit Kara said.

“Looking ahead, there is some evidence to suggest that services sector output has stabilised while the relatively small construction sector continues to gather momentum,” he added.

Reporting by David Milliken; editing by Sarah Young

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