According to NIESR, this implies that the economy has expanded by 2.7% in the last 12 months.
In its monthly GDP estimate, NIESR said:
"This robust rate of growth exceeds that of the economy’s potential over the same period, and so suggests spare capacity continues to be absorbed. Consistent with this, we expect the Bank of England to begin increasing Bank Rate in early 2016, most likely coinciding with the February Inflation Report. Of course, risks to this outlook persist, not least the ongoing Euro Area saga."
NIESR’s latest quarterly forecast projects GDP growth of 2.5% per annum in 2015 and 2.4% in 2016.
