GDP growth is estimated to have fallen to 0.2 percent in the three months ending in May, down from 0.4 percent in the three months to April, the National Institute of Economic and Social Research said on Wednesday.
The think tank said such low output growth could fall still further, although it believes it is unlikely that the economy would actually shrink year-on-year in 2008 compared with 2007.
"Despite the fact that the economy is now scarcely growing, we share the view that concerns about inflation make it more likely that interest rates will be raised than reduced in the coming months," it said.
The economy has been caught this year between slowing growth and rising prices which have limited the Bank of England's freedom to reduce rates to encourage spending.
-
Who was St Stephen and why is he remembered on December 26?
-
The King's Christmas speech: which Gospel?
-
Gay Archbishop of Wales says some people have left Church over her appointment
-
2 Timothy 3:16 is Logos' Bible verse of the year, Matthew was the most studied book
-
Two hundred years of the Brethren: who are they and what do they believe?
-
US carries out strikes on Islamic State in Nigeria over violence against Christians
Most Popular
News
Young people more grateful to God, study finds
A new survey has suggested that 18 to 34 year olds are more likely to believe in God and have transcendental experiences.
Nigerian government accused of being in denial about persecution of Christians
How can thousands of slain Christians not be persecution?
Turkey arrested 115 suspected ISIS members, thwarting Christmas and New Year plots against non-Muslims
Turkey has been relatively successful in preventing attacks since 2017.
The pope that is remembered each year on December 31
In many European countries, December 31, also known as New Year’s Eve, is better known as St Sylvester’s Day or simply Sylvester, named after a pope from the time of the Council of Nicaea. This is the story …