Statement by the IMF Staff Representative on the United Kingdom
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International Monetary Fund
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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Abstract

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

This note reports on information that has become available since the staff report (SM/11/181) and staff supplement were issued and does not alter the thrust of the staff appraisal.

1. UK GDP grew at 0.2 percent (quarter-on-quarter, seasonally adjusted) in Q2 according to preliminary estimates released today. Several one-off factors, such as the additional bank holiday associated with the royal wedding and the impact of supply-chain disruptions in the wake of the Japanese earthquake and tsunami, affected growth during Q2. The Office for National Statistics notes that it is not possible to be precise about the impact of such special effects, but their broad-brush analysis indicates that these factors may have had a net downward effect on Q2 GDP of 0.4 percent in the services sector and 0.1 percent in the production sector. The GDP outturn is slightly lower than what staff had projected and will be incorporated into the next update of staff’s projections for the September 2011 World Economic Outlook. However, the outturn does not materially alter the central scenario of continued recovery at a moderate pace.

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United Kingdom: 2011 Article IV Consultation: Staff Report; Staff Supplement; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Kingdom
Author:
International Monetary Fund