The United Kingdom may get their growth forecast revised upward by the International Monetary Fund (IMF), according to Sky News. It is expected that the IMF will increase their global forecast with the United Kingdom seeing a boost from 1.9 percent to 2.4 percent growth in 2014. This coincides with the current paradigm of developing countries outpacing emerging markets as a whole. This upgrade will be slightly lower than the United States but a leader of the pack.
The United Kingdom has seen great strides since 2009, and the economic data is encouraging, although shaky. Unemployment has reached the seven percent threshold issued by the Bank of England (BoE) Governor Mark Carney and the lowest rate in five years. Additional to the IMF reports, Ernst & Young ITEM Club forecasts a stronger economy, projecting 2.7 percent growth expansion.
The United Kingdom’s fourth quarter gross domestic product data will be out next Tuesday. It is expected that the Office of National Statistics will report growth near .7 percent. The previous quarter’s prelim GDP came in at .8 percent. Some analysts have pointed out that growth has come from consumer spending opposed to a pickup in exports and manufacturing. Retail sales for December exploded through expectations of .5 percent with an increase of 2.6 percent.