Forecasts for the UK economy · Average of medium-term forecasts for GDP growth, CPI inflation and...

No. 310February 2013

Forecasts for the UK economy:

a comparison of independent forecasts

compiled by the Macroeconomic Prospects Teamhm-treasury.gov.uk/forecasts

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ISBN 978-1-909096-77-6 PU797

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CONTENTSMedium-term forecasts, February 2013

Page

Summary Page: Short-term forecasts 3

Table 1 - 2012: Growth in GDP and its components (% change) 4

Table 2 - 2012: Growth in prices and monetary indicators (% change) 5

Table 3 - 2012: Growth in other selected variables (% change) 6







Average of independent forecasts for 2012; GDP growth, CPI and RPI inflation and claimant unemployment 13

Average of independent forecasts for 2012; Current account and PSNB (2011-12) 14

Average of independent forecasts for 2013; GDP growth, CPI and RPI inflation and claimant unemployment 15

Average of independent forecasts for 2013; Current account and PSNB (2012-13) 16

Dispersion around the independent consensus for 2012; GDP growth, CPI and RPI inflation made in the last 3 months 17

Dispersion around the independent consensus for 2012; Claimant unemployment, current account and PSNB (2012-13) made in last 3 months 18





Summary Page: Medium-term Forecasts 23

Table M1: Medium-term forecasts for GDP and the GDP deflator

Table M2: Medium-term forecasts for domestic demand and net trade contribution

Table M3: Medium-term forecasts for CPI and RPI inflation

Table M4: Medium-term forecasts for the sterling index and official Bank rate

Table M5: Medium-term forecasts for claimant unemployment

Table M6: Medium-term forecasts for house price inflation

Table M7: Medium-term forecasts for the current account

Table M8: Medium-term forecasts for PSNB

Table M9: Medium-term forecasts for the output gap 28

Average of medium-term forecasts for GDP growth, CPI inflation and claimant unemployment 29

Average of medium-term forecasts for the current account and PSNB 30

Annex 1: Forecasting institutions referred to in charts and tables 31

Annex 2: Data definitions 32

Annex 3: Notation used in tables 33

Annex 4: Organisation contact details 34

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without specific permission. Permission to use or reproduce the Treasury crest should be sought from HM Treasury.

Forecasts for the UK economy is compiled and coordinated by Ian Hughes. Please direct enquiries on the content of this issue to Ian Hughes

(020 7270 5404, [email protected]).

The next edition will be published on 20th March 2013. It will also be available on the Treasury’s website:

http://www.hm-treasury.gov.uk/forecasts.

PU797 ISBN 978-1-909096-77-6

24

25

26

27

Please note that Forecasts for the UK economy is a summary of published material reflecting the views of the forecasting organisations themselves and does not in

any way provide new information on the Treasury’s own views. It contains only a selection of forecasters, which is subject to review. No significance should be

attached to the inclusion or exclusion of any particular forecasting organisation. HM Treasury accepts no responsibility for the accuracy of material published in

this comparison.

The averages and ranges in this document may be reproduced free of charge in any format or medium providing that it is reproduced accurately and not used in

a misleading context. The data remain the copyright of those organisations providing it - permission to reproduce it must be sought from both HM Treasury and

the providers of the original data.

Forecasts for 2012

February January Lowest Highest

GDP growth (per cent) 0.0 0.0 -0.1 0.1 0.0

Inflation rate (Q4: per cent)

- CPI 2.7 2.6 2.6 2.8 2.7

- RPI 3.1 3.1 2.8 3.3 3.1

Claimant unemployment (Q4: mn) 1.59 1.58 1.56 1.70 1.59

Current account (£bn) -54.9 -55.6 -73.0 -50.0 -53.9

PSNB (2012-13: £bn) 90.9 91.9 78.4 109.0 90.7

Forecasts for 2013


GDP growth (per cent) 0.9 1.0 0.2 1.7 1.0


- CPI 2.4 2.3 1.8 3.3 2.4

- RPI 2.9 2.7 2.2 3.6 3.0

Claimant unemployment (Q4: mn) 1.59 1.61 1.45 1.80 1.59

Current account (£bn) -46.8 -44.5 -70.0 -33.9 -45.4

PSNB (2013-14: £bn) 107.4 107.3 96.0 123.1 107.0

Forecasts for 2014


GDP growth (per cent) 1.6 - 0.9 2.3 1.6


- CPI 2.3 - 1.0 3.7 2.3

- RPI 2.9 - 1.7 4.0 2.9

Claimant unemployment (Q4: mn) 1.56 - 1.33 1.90 1.56

Current account (£bn) -39.7 - -74.2 -22.4 -39.7

PSNB (2013-14: £bn) 97.0 - 84.7 119.8 97.0

Independent+Average of

new*

forecasts

Averages February

+ Independent averages, and the range of forecasts, are based on forecasts made in the last three months (February:

26 institutions, January: 6 institutions, December: 3 institutions).

*Calculated from new forecasts received for the comparison this month.

Note: All the averages given are the mean and exclude non-standard entries except for house-price inflation (see

notation) and PSNB for 2012-13 (only standard entries and those with the footnote 'ac' are included in the average).

Independent+

Independent+Average of

new*

forecasts

Averages February

FORECASTS FOR THE UK ECONOMY

This edition of the comparison contains 26 new forecasts, all of which were received between February 1st and

February 13th 2013. The tables below summarise the average and range of independent forecasts for 2012 and 2013

and show the average of this month’s new forecasts.

A comparison of independent forecasts, February 2013

FebruaryAverages

Average of

new*

forecasts

Forecasts for the UK economy February 2013 3

Forecasters and dates of forecasts

City forecasters

Bank of America - Merrill Lynch Oct -0.3 0.4 2.0 2.1 -0.8 - - - -0.5 -

Barclays Capital Feb * 0.0 1.0 2.7 -0.6 -0.3 0.8 -0.4 1.9 -0.7 -2.0

Capital Economics Feb * 0.0 0.7 2.7 0.0 -0.3 0.9 -0.6 2.0 -0.9 -6.0

Citigroup Jan 0.1 0.8 2.6 -0.1 -0.2 1.0 -0.4 2.5 -0.9 -

Commerzbank Feb * 0.0 0.8 2.7 0.1 -0.3 0.9 -0.5 2.3 -0.9 -2.2

Credit Suisse Feb * 0.0 0.8 - -0.2 - - -0.1 - - -

Daiwa Capital Markets Jan 0.0 - - - - - - - - -

Deutsche Bank Jan -0.1 0.6 2.5 1.1 -0.3 0.9 0.1 1.9 -0.6 -

Fathom Consulting Feb * - - - - - - - - - -

Goldman Sachs Feb * 0.0 1.0 2.8 -0.2 -0.3 0.9 -0.5 2.3 -0.9 -3.2 i

HSBC Feb * 0.0 0.9 2.7 0.1 - 0.8 -0.2 2.2 - -

ING Financial Markets Dec 0.0 0.5 2.5 1.3 -0.5 0.6 0.4 2.3 -0.6 -

Lombard Street Feb * 0.1 1.0 2.7 -0.2 -0.2 0.9 -0.5 2.1 -0.8 -3.6

Morgan Stanley Feb * 0.0 1.0 2.7 0.3 -0.4 1.3 -0.6 2.1 -0.9 -

Nomura Feb * 0.0 0.9 2.7 0.0 -0.4 0.8 0.0 2.4 -0.8 -1.8

RBS Global Banking & Markets Feb * 0.0 0.5 2.2 1.0 - 0.4 0.2 2.0 -0.4 -

Santander GBM Feb * 0.0 1.0 2.9 -0.1 -0.4 0.9 -0.3 2.2 -0.8 -3.0

Schroders Investment Management Feb * 0.0 0.9 3.0 0.0 -0.5 0.8 -0.6 1.9 -0.8 -1.6

Scotiabank Jan 0.0 0.6 2.6 1.1 -0.6 0.6 -0.1 2.0 - -2.0

Societe Generale Feb * 0.0 0.9 2.5 -0.3 -0.3 0.7 -0.1 2.1 -0.7 -

Standard Chartered Bank Feb * 0.0 0.9 2.6 1.2 - 0.6 -0.1 2.0 -0.7 -

UBS Feb * 0.0 0.9 2.8 -0.2 -0.4 0.7 -0.1 2.3 -0.8 -

Non-City forecasters

British Chambers of Commerce Dec -0.1 0.5 2.5 1.3 -0.1 0.5 0.2 2.1 -0.6 -2.5

Beacon Economic Forecasting Feb * 0.0 1.0 2.8 0.1 -0.2 0.7 -1.0 1.8 -1.0 -

Cambridge Econometrics Jan 0.0 1.0 2.7 -0.5 0.3 0.8 -0.2 2.2 -0.8 -

CBI Feb * 0.0 1.0 2.8 0.2 -0.4 0.9 -0.4 2.3 -0.9 -

CEBR Feb * 0.0 0.8 2.8 -0.5 -0.4 0.7 -0.2 1.8 -0.6 -

Economic Perspectives Feb * 0.0 0.8 2.8 0.4 -0.3 0.9 -0.5 2.2 -0.8 -

Experian Economics Feb * 0.0 0.9 2.7 -0.1 -0.4 0.8 -0.3 2.0 -0.8 -

EIU Jan 0.0 0.7 2.7 -0.3 -0.4 0.5 -0.1 2.4 -0.7 -1.5

IHS Global Insight Feb * 0.0 0.9 2.8 0.0 - 0.8 -0.4 2.2 -0.8 -

Table 1 - 2012: Growth in GDP and its components (% change)

GD

P

Pri

vate

co

nsum

ptio

n

Go

vern

men

t

cons

umpt

ion

Fix

ed in

vest

men

t

Cha

nge

in in

vent

ori

es

cont

ribu

tio

n (%

of

GD

P)

Do

mes

tic

dem

and

To

tal e

xpo

rts

To

tal i

mpo

rts

Net

tra

de c

ont

ribu

tio

n

(% o

f GD

P)

Out

put

Gap

(as

% o

f

pote

ntia

l GD

P)

IHS Global Insight Feb 0.0 0.9 2.8 0.0 0.8 0.4 2.2 0.8

ITEM Club Feb * 0.0 1.0 2.8 -0.3 -0.4 1.0 -0.1 2.3 -0.7 -

Liverpool Macro Research Feb * 0.1 -0.3 c 2.5 m 3.2 d - - - - - -

NIESR Feb * 0.0 1.1 2.7 -0.1 -0.3 0.9 -0.6 2.2 -0.9 -

Oxford Economics Feb * - - - - - - - - - -

EC Nov -0.3 0.5 -2.0 1.9 -0.5 1.0 f 0.2 2.6 -0.7 -

OECD Dec -0.1 1.1 1.3 1.8 - 0.8 -0.2 2.8 -1.0 -

IMF Oct -0.4 - - 14.7 a - - -0.8 1.6 - -4.2

Average of forecasts made in the last 3 months

Independent 0.0 0.9 2.6 0.2 -0.3 0.8 -0.3 2.2 -0.8 -2.6

New (marked *) 0.0 0.9 2.7 0.0 -0.3 0.8 -0.3 2.1 -0.8 -2.9

City 0.0 0.8 2.7 0.2 -0.4 0.8 -0.2 2.1 -0.8 -2.8

Range of forecasts made in the last 3 months

Highest 0.1 1.1 3.0 1.8 0.3 1.3 0.4 2.8 -0.4 -1.5

Lowest -0.1 0.5 1.3 -0.6 -0.6 0.4 -1.0 1.8 -1.0 -6.0

Median 0.0 0.9 2.7 0.0 -0.3 0.8 -0.2 2.2 -0.8 -2.1

OBR Dec -0.1 0.5 2.4 1.0 -0.6 0.5 0.1 2.1 -0.6 -3.1



City forecasters

Bank of America - Merrill Lynch Oct 2.5 2.9 - - - 0.50 - -

Barclays Capital Feb * 2.7 3.1 3.0 2.2 - 0.50 - -

Capital Economics Feb * 2.7 3.1 3.0 1.5 83.6 0.50 110.0 -

Citigroup Jan 2.6 3.1 3.0 1.4 83.1 0.50 111.8 -

Commerzbank Feb * 2.7 3.1 3.0 1.4 83.1 0.50 112.2 -

Credit Suisse Feb * 2.7 3.1 3.0 - - 0.50 111.6 -

Daiwa Capital Markets Jan 2.7 - - - - 0.50 - -

Deutsche Bank Jan 2.6 3.2 - 1.5 83.1 0.50 112.0 3.6

Fathom Consulting Feb * - - - - - - - -

Goldman Sachs Feb * - - - 1.5 - - 110.0 -2.0 g

HSBC Feb * - - - 1.6 - 0.50 - -

ING Financial Markets Dec 2.7 3.3 3.2 1.4 - 0.50 100.0 -3.8

Lombard Street Feb * 2.6 3.1 - - 83.7 0.50 110.9 5.7

Morgan Stanley Feb * 2.7 3.1 3.0 1.4 - 0.50 - -

Nomura Feb * 2.7 3.1 3.0 1.7 - 0.50 - -

RBS Global Banking & Markets Feb * 2.7 3.1 3.0 1.8 83.7 0.50 110.5 -

Santander GBM Feb * 2.7 3.1 3.0 1.4 - 0.50 112.0 -

Schroders Investment Management Feb * 2.7 3.2 3.2 1.4 - 0.50 - -

Scotiabank Jan 2.7 3.1 3.0 1.4 - 0.50 - -

Societe Generale Feb * 2.7 3.1 3.0 1.5 83.1 0.50 112.0 -

Standard Chartered Bank Feb * 2.7 - - - - 0.50 112.0 -

UBS Feb * 2.7 3.1 - 1.7 - 0.50 - -


British Chambers of Commerce Dec 2.6 2.8 2.7 2.4 - 0.50 110.0 -

Beacon Economic Forecasting Feb * 2.7 3.1 3.0 1.5 83.6 0.50 111.6 4.2

Cambridge Econometrics Jan 2.7 h - - - - 0.50 h 105.0 -

CBI F b * 2 7 3 1 3 0 1 4 83 1 0 50 111 0

Off

icia

l Ban

k ra

te

(Q4,

%)

Oil

pri

ce (

Bre

nt,

$/b

bl)

M4

xIO

FC

Gro

wth

Table 2 - 2012: Growth in prices and monetary indicators (% change)

CP

I (Q

4)

RP

I (Q

4)

RP

IX (

Q4)

Ave

rage

ear

nin

gs

Ste

rlin

g in

dex

(Q

4)

(Jan

200

5=10

0)

CBI Feb * 2.7 3.1 3.0 1.4 83.1 0.50 111.0 -

CEBR Feb * 2.7 3.1 3.0 1.4 83.7 0.50 111.7 -

Economic Perspectives Feb * 2.8 3.1 3.1 1.3 82.5 0.50 111.0 3.7

Experian Economics Feb * 2.7 3.2 3.0 1.5 86.2 0.50 108.0 -

EIU Jan 2.8 3.3 3.0 1.5 83.2 0.50 111.9 -

IHS Global Insight Feb * 2.7 3.1 3.0 1.4 - 0.50 111.7 -

ITEM Club Feb * 2.7 3.0 3.0 1.8 83.7 0.50 111.0 -

Liverpool Macro Research Feb * 2.8 - 3.3 1.8 83.6 0.50 - -

NIESR Feb * 2.7 3.1 3.0 2.7 j 85.3 k 0.50 110.5 n -

Oxford Economics Feb * - - - - - - - -

EC Nov 2.2 - - 0.2 jw - - 112.6 -

OECD Dec 2.6 h - - - - - - -

IMF Oct 2.2 - - - - - - -


Independent 2.7 3.1 3.0 1.6 83.5 0.50 110.4 2.7

New (marked *) 2.7 3.1 3.0 1.6 83.6 0.50 111.1 4.5

City 2.7 3.1 3.0 1.5 83.3 0.50 110.4 1.8


Highest 2.8 3.3 3.3 2.4 86.2 0.50 112.2 5.7

Lowest 2.6 2.8 2.7 1.3 82.5 0.50 100.0 -3.8

Median 2.7 3.1 3.0 1.5 83.6 0.50 111.3 3.7

OBR Dec 2.6 3.2 3.2 2.7 83.8 0.50 111.9 -



City forecasters

Bank of America - Merrill Lynch Oct -1.0 y - - 8.30 q -1.1 - -53.0 425.0 107.0 ac

Barclays Capital Feb * -1.0 y 2.1 1.1 1.57 -1.8 - -55.0 - 78.4 ac

Capital Economics Feb * -1.0 y 2.0 1.0 1.60 -1.8 2.0 -52.0 375.0 85.0 ac

Citigroup Jan -1.3 k 1.8 1.7 1.58 -1.8 - -58.4 375.0 85.7 ac

Commerzbank Feb * -1.0 y 1.8 1.1 1.57 -1.8 1.9 -54.3 - 100.0 ac

Credit Suisse Feb * - - - - - - -52.6 - 80.5 ac

Daiwa Capital Markets Jan - - - 1.60 - - -50.0 - -

Deutsche Bank Jan -1.6 xy 2.1 - 1.58 -1.6 - -73.0 375.0 85.0 ac

Fathom Consulting Feb * - - - - - - - - -

Goldman Sachs Feb * - 2.1 1.8 - -1.8 - -55.0 - 109.0 ac

HSBC Feb * - - - - -1.9 - - - -

ING Financial Markets Dec -2.0 x 0.5 1.0 1.59 -1.8 - -62.0 375.0 102.0 ac

Lombard Street Feb * 3.0 k 2.0 1.3 - - - -51.1 375.0 91.0 ac

Morgan Stanley Feb * - 1.1 1.1 - -1.8 - - 375.0 82.7 ac

Nomura Feb * 2.3 z - 1.5 - -1.8 - -53.4 - 79.4 ac

RBS Global Banking & Markets Feb * - 2.0 1.1 1.57 -1.8 - -51.0 375.0 85.0 ac

Santander GBM Feb * - - 1.2 1.58 -1.8 - -62.3 375.0 95.9 ac

Schroders Investment Management Feb * 0.3 x - 1.6 1.70 -1.8 - -60.0 375.0 102.0 ac

Scotiabank Jan -1.0 y - 1.2 1.58 -1.8 - -55.0 375.0 83.0 ac

Societe Generale Feb * 0.2 x - 1.2 1.59 -1.8 - -54.0 375.0 86.0 ac

Standard Chartered Bank Feb * - - - 1.57 - - - - 95.0 ac

UBS Feb * - - - 1.56 -1.8 - -52.1 - 85.0 ac


British Chambers of Commerce Dec 0.5 x - 1.1 1.60 - 2.2 - 375.0 92.0 ac

Beacon Economic Forecasting Feb * 2.1 z - 1.4 1.57 -1.8 1.5 -52.4 375.0 83.9 ac

Cambridge Econometrics Jan - - 2.3 1.60 h -1.6 2.4 t -55.6 - -

CBI Feb * - 1.8 1.4 1.56 -1.8 - -55.2 - 102.8 ac

CEBR Feb * 1.1 kz 1.8 1.2 1.60 -1.8 2.3 -56.0 375.0 79.9 ac

Economic Perspectives Feb * -2.0 x 1.9 1.7 1.60 -1.8 2.0 -50.0 375.0 102.0 ac

Experian Economics Feb * 1.5 z 2.0 1.0 1.64 -1.0 - -53.5 - 103.1 ac

EIU Jan - 0.7 1.1 1.58 -1.8 - -52.3 375.0 102.0 ac

IHS Global Insight Feb * -0.3 x 1.8 1.2 1.57 -1.8 - -55.1 375.0 93.8 ac

Wo

rld

trad

e in

go

ods

and

serv

ices

Cur

rent

acc

oun

t (£

bn)

Siz

e o

f AP

F p

urch

ases

(£bn

)

PS

NB

(£bn

201

2-13

)

Table 3 - 2012: Growth in other selected variables (% change)

Ho

use

pric

e in

flati

on

(Q4)

Rea

l ho

useh

old

disp

osa

ble

inco

me

Em

plo

ymen

t gr

ow

th

Cla

iman

t

unem

plo

ymen

t

(Q4,

mill

ions

)

Man

ufac

turi

ng o

utpu

t

g

ITEM Club Feb * -0.4 z 2.0 0.7 1.57 -1.6 2.9 - - 80.2 ac

Liverpool Macro Research Feb * - - - 1.56 - - -51.2 - 95.4 ac

NIESR Feb * 1.9 hz 2.0 1.2 2.55 hp - 3.2 -51.0 - 90.1 ac

Oxford Economics Feb * - - - - - - - - -

EC Nov - - 0.5 7.90 hq - - -3.8 a - -5.8 a ab

OECD Dec - - 1.0 k 7.91 hq - - -3.3 a - -6.6 k

IMF Oct - - - 8.13 hq - - -80.6 k - 99.6 h ac


Independent 0.0 1.7 1.3 1.59 -1.7 2.3 -54.9 375.0 90.9

New (marked *) 0.4 1.9 1.3 1.59 -1.8 2.3 -53.9 375.0 90.7

City -0.3 1.7 1.3 1.59 -1.8 2.0 -56.0 375.0 89.5


Highest 3.0 2.1 2.3 1.70 -1.0 3.2 -50.0 375.0 109.0

Lowest -2.0 0.5 0.7 1.56 -1.9 1.5 -73.0 375.0 78.4

Median -0.4 1.9 1.2 1.58 -1.8 2.1 -54.0 375.0 90.1

OBR Dec 1.4 z 2.1 - 1.58 - 3.0 -62.2 - 80.5



City forecasters

Bank of America - Merrill Lynch Oct 1.0 0.4 -1.6 3.3 0.1 - - - 0.5 -

Barclays Capital Feb * 1.0 0.5 -0.4 -0.2 0.3 0.5 2.0 0.3 0.6 -2.2

Capital Economics Feb * 0.2 0.0 -1.5 2.5 0.5 0.5 -2.5 -1.5 -0.3 -7.3

Citigroup Jan 0.4 0.6 -0.6 -3.4 0.1 -0.1 3.3 1.6 0.5 -

Commerzbank Feb * 1.0 1.0 -0.3 3.1 0.2 1.2 1.3 1.7 -0.2 -2.2

Credit Suisse Feb * 1.2 0.8 - 2.9 - - 3.4 - - -

Daiwa Capital Markets Jan 0.7 - - - - - - - - -

Deutsche Bank Jan 0.9 0.7 -1.1 1.1 0.4 0.8 2.3 0.8 0.5 -

Fathom Consulting Feb * 0.9 0.6 0.6 1.5 0.2 0.6 2.4 2.2 0.0 -0.9

Goldman Sachs Feb * 1.4 1.8 0.4 1.5 0.3 1.8 0.8 2.0 -0.4 -3.5 i

HSBC Feb * 1.1 0.6 -0.4 3.5 - 0.9 1.4 0.5 - -

ING Financial Markets Dec 1.3 1.1 -0.7 3.0 0.5 1.4 6.1 5.7 0.0 -

Lombard Street Feb * 1.2 1.4 -0.4 3.7 0.1 1.3 0.7 1.1 -0.2 -3.8

Morgan Stanley Feb * 0.8 0.5 -1.0 2.6 0.2 0.5 1.4 1.2 0.1 -

Nomura Feb * 0.4 0.9 -1.0 1.1 0.0 0.5 2.9 3.2 -0.1 -1.2

RBS Global Banking & Markets Feb * 0.9 0.8 -0.9 2.0 - 0.4 3.5 2.1 0.5 -

Santander GBM Feb * 1.1 1.3 0.6 1.5 0.1 1.2 2.5 2.1 0.1 -2.4

Schroders Investment Management Feb * 0.7 0.7 -0.2 1.8 0.2 0.8 -0.2 0.6 -0.3 -2.1

Scotiabank Jan 1.0 1.0 0.0 1.4 0.3 1.0 1.2 1.4 - -2.0

Societe Generale Feb * 0.8 0.6 -1.0 1.3 0.2 0.5 2.9 1.8 0.3 -

Standard Chartered Bank Feb * 1.1 1.0 -1.1 2.1 - 1.0 2.8 2.4 0.1 -

UBS Feb * 0.8 1.1 -0.3 1.9 0.1 0.8 2.1 2.1 0.0 -


British Chambers of Commerce Dec 1.0 1.1 -0.7 1.5 0.3 1.0 3.5 3.0 0.1 -2.7

Beacon Economic Forecasting Feb * 1.4 2.0 0.1 4.4 0.1 2.1 0.9 2.5 -0.6 -

Cambridge Econometrics Jan 0.7 1.0 -1.2 0.5 0.6 0.7 2.2 1.3 0.0 -

CBI Feb * 1.0 1.1 -0.8 2.8 0.1 1.1 3.1 3.2 -0.1 -

CEBR Feb * 0.7 0.5 -0.1 -0.5 0.1 0.2 1.2 -0.9 0.7 -

Economic Perspectives Feb * 1.7 0.5 -1.3 7.3 k 0.1 1.2 1.5 -0.5 0.6 -

Experian Economics Feb * 0.7 0.5 -1.6 3.3 0.2 0.6 2.2 1.6 0.2 -

EIU Jan 0.5 0.4 0.5 1.4 0.2 0.8 2.2 2.9 -0.2 -1.7

IHS Global Insight Feb * 0.8 1.1 -0.3 2.0 - 0.9 1.8 2.1 -0.1 -

Cha

nge

in in

vent

ori

es

cont

ribu

tio

n (%

of

GD

P)

Do

mes

tic

dem

and

To

tal e

xpo

rts

To

tal i

mpo

rts

Net

tra

de c

ont

ribu

tio

n

(% o

f GD

P)

Out

put

Gap

(as

% o

f

pote

ntia

l GD

P)


GD

P

Pri

vate

co

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ITEM Club Feb * 0.9 1.1 -0.5 1.8 0.1 1.0 3.1 2.9 0.0 -

Liverpool Macro Research Feb * 1.5 0.8 c 2.4 m 2.3 d - - - - - -

NIESR Feb * 0.7 1.4 -0.4 3.2 0.2 1.4 0.8 2.9 -0.7 -

Oxford Economics Feb * 0.9 1.1 -0.3 2.8 0.2 1.2 1.9 2.8 -0.3 -5.6

EC Nov 0.9 0.9 -1.3 2.9 0.1 0.6 f 3.9 2.8 0.3 -

OECD Dec 0.9 1.6 -3.0 2.5 - 1.0 2.4 2.6 -0.1 -

IMF Oct 1.1 - - 14.9 a - - 2.4 1.0 - -4.4


Independent 0.9 0.9 -0.6 1.9 0.2 0.9 2.0 1.8 0.0 -2.8

New (marked *) 1.0 0.9 -0.5 2.2 0.2 0.9 1.8 1.6 0.0 -3.1

City 0.9 0.9 -0.5 1.7 0.2 0.8 2.0 1.6 0.1 -2.7


Highest 1.7 2.0 0.6 4.4 0.6 2.1 6.1 5.7 0.7 -0.9

Lowest 0.2 0.0 -3.0 -3.4 0.0 -0.1 -2.5 -1.5 -0.7 -7.3

Median 0.9 1.0 -0.5 2.0 0.2 0.9 2.2 2.0 0.0 -2.2

OBR Dec 1.2 0.9 -0.7 2.1 0.2 0.9 3.1 2.1 0.3 -3.5



City forecasters

Bank of America - Merrill Lynch Oct 1.8 1.7 - - - 0.50 - -



Citigroup Jan 2.4 2.3 2.3 0.7 83.1 0.50 111.7 -

Commerzbank Feb * 2.6 3.1 3.1 1.7 80.8 0.50 121.7 -


Daiwa Capital Markets Jan 2.5 - - - - 0.50 - -

Deutsche Bank Jan 2.4 2.3 - 2.3 82.3 0.50 113.5 4.5

Fathom Consulting Feb * 2.2 2.5 2.4 3.7 75.0 0.70 110.0 -

Goldman Sachs Feb * 2.0 2.9 - 2.0 84.0 g 0.50 115.0 0.0 g

HSBC Feb * 2.5 3.3 - 2.4 - 0.50 - -

ING Financial Markets Dec 2.0 2.8 2.8 2.2 - 0.50 120.0 1.5



Nomura Feb * 2.6 3.4 3.5 1.6 - 0.50 - -




Scotiabank Jan 2.9 3.4 3.2 1.6 - 0.50 - -


Standard Chartered Bank Feb * 2.2 - - - - 0.50 112.0 -

UBS Feb * 2.9 3.5 - 2.3 - 0.50 - -


British Chambers of Commerce Dec 2.3 2.6 2.4 2.9 - 0.50 110.0 -Beacon Economic Forecasting Feb * 2.5 2.5 2.8 2.4 75.3 0.70 114.0 6.2

Cambridge Econometrics Jan 2.1 h - - - - 0.50 h 110.0 -

CBI F b * 2 3 2 8 2 7 1 7 80 6 0 50 110 0


CP

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CBI Feb * 2.3 2.8 2.7 1.7 80.6 0.50 110.0 -

CEBR Feb * 2.3 3.0 3.0 1.9 82.7 0.50 106.0 -



EIU Jan 2.8 2.9 2.9 1.9 83.5 0.50 103.8 -


ITEM Club Feb * 2.2 2.6 2.6 2.4 84.0 0.50 112.0 -


NIESR Feb * 2.2 3.3 2.7 1.8 j 84.9 k 0.50 103.9 n -

Oxford Economics Feb * 1.8 2.6 2.5 1.8 83.2 0.50 106.1 -

EC Nov 1.9 - - 0.5 jw - - 109.1 -

OECD Dec 1.9 h - - - - - - -

IMF Oct 1.7 - - - - - - -


Independent 2.4 2.9 2.9 2.1 81.3 0.55 109.7 4.6

New (marked *) 2.4 3.0 3.0 2.2 80.9 0.56 109.1 5.7

City 2.4 2.9 2.9 2.1 80.7 0.51 110.7 3.3


Highest 3.3 3.6 3.8 3.7 86.8 1.25 121.7 7.0

Lowest 1.8 2.2 2.3 0.7 75.0 0.50 95.0 1.5

Median 2.4 2.9 2.9 2.2 82.3 0.50 110.0 4.5

OBR Dec 2.3 2.5 2.8 2.2 83.6 0.50 106.4 -



City forecasters

Bank of America - Merrill Lynch Oct -4.0 y - - 8.60 q 1.2 - -32.0 425.0 115.0

Barclays Capital Feb * 2.1 y 0.4 0.6 1.55 -1.4 - -50.1 - 99.1

Capital Economics Feb * -5.0 y -0.5 -1.0 1.80 -1.0 3.0 -35.0 500.0 112.0

Citigroup Jan -1.1 k -0.5 0.7 1.48 -0.6 - -52.3 450.0 108.3

Commerzbank Feb * -0.1 y 2.2 1.1 1.52 0.1 3.3 -39.4 - 112.0

Credit Suisse Feb * - - - - - - -40.3 - 99.0

Daiwa Capital Markets Jan - - - 1.50 - - -35.0 - -

Deutsche Bank Jan -1.8 xy 1.7 - 1.61 0.1 - -70.0 375.0 110.0

Fathom Consulting Feb * -0.2 x 0.7 1.3 1.50 - - -39.0 475.0 104.0

Goldman Sachs Feb * - 1.9 0.7 1.57 0.2 - -53.0 - 100.0

HSBC Feb * - - - - -0.1 - - - -

ING Financial Markets Dec 2.0 x 1.3 0.5 1.58 1.5 - -48.0 425.0 110.0

Lombard Street Feb * -0.1 k 0.2 -0.4 - - - -54.0 425.0 110.0

Morgan Stanley Feb * - -0.5 0.7 - -0.7 - - 375.0 107.3

Nomura Feb * 1.5 z - 1.0 - -1.5 - -42.3 - 102.8

RBS Global Banking & Markets Feb * - 1.0 0.3 1.61 -0.2 - -38.0 375.0 105.0

Santander GBM Feb * - - 0.8 1.59 1.8 - -59.1 375.0 118.0

Schroders Investment Management Feb * 1.4 x - 0.4 1.56 -0.1 - -50.0 450.0 100.0

Scotiabank Jan 0.5 y - 0.4 1.55 0.4 - -50.0 375.0 102.0

Societe Generale Feb * 1.5 x - 1.1 1.66 0.7 - -48.0 425.0 113.0

Standard Chartered Bank Feb * - - - 1.50 - - - - 110.0

UBS Feb * - - - 1.62 0.3 - -45.0 - 110.0


British Chambers of Commerce Dec 1.4 x - 1.2 1.70 - 3.3 - 375.0 110.0Beacon Economic Forecasting Feb * 3.1 z - 0.7 1.52 1.0 6.6 -56.1 375.0 115.7

Cambridge Econometrics Jan - - 0.6 1.50 h 0.2 2.8 t -49.7 - -

CBI Feb * - 0.4 0.2 1.55 0.7 - -49.7 - 123.1

CEBR Feb * 0.8 kz 0.8 0.9 1.60 -0.5 2.6 -39.0 450.0 103.8

Economic Perspectives Feb * 2.0 x -0.5 0.5 1.80 2.2 5.0 -35.0 375.0 120.0

Experian Economics Feb * 1.1 z 0.8 0.0 1.63 1.7 - -40.8 - 105.7

EIU Jan - 0.4 0.2 1.70 0.3 - -54.9 425.0 114.3

IHS Global Insight Feb * 0.9 x 0.3 1.1 1.65 0.7 - -45.2 425.0 96.0

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ITEM Club Feb * 0.4 z 1.0 0.6 1.57 1.0 3.9 -46.0 - 100.2

Liverpool Macro Research Feb * - - - 1.45 - - -52.2 - 98.2

NIESR Feb * 0.6 hz 0.9 0.5 2.60 hp - 4.6 -33.9 - 109.8

Oxford Economics Feb * -0.1 z 0.7 0.0 1.61 0.2 3.8 -52.5 375.0 100.6

EC Nov - - 0.5 8.00 hq - - 2.2 a - -6.9 a ab

OECD Dec - - 0.4 k 8.01 hq - - -3.5 a - -6.9 k

IMF Oct - - - 8.11 hq - - -68.6 k - 117.0 h


Independent 0.5 0.6 0.5 1.59 0.3 4.0 -46.8 411.8 107.4

New (marked *) 0.6 0.6 0.5 1.59 0.3 4.1 -45.4 415.4 107.0

City 0.1 0.7 0.5 1.57 0.0 3.2 -47.1 418.8 107.0


Highest 3.1 2.2 1.3 1.80 2.2 6.6 -33.9 500.0 123.1

Lowest -5.0 -0.5 -1.0 1.45 -1.5 2.6 -70.0 375.0 96.0

Median 0.9 0.7 0.6 1.58 0.2 3.8 -48.0 425.0 108.3

OBR Dec 1.1 z 0.4 - 1.69 - 4.4 -41.5 - 99



City forecasters

Bank of America - Merrill Lynch Oct - - - - - - - - - -

Barclays Capital Feb * 2.1 1.5 -1.4 6.3 0.2 1.7 4.7 3.3 0.4 -1.7

Capital Economics Feb * 1.5 1.0 -2.0 6.5 0.2 1.3 0.0 -0.5 0.2 -7.3

Citigroup Jan - - - - - - - - - -

Commerzbank Feb * 1.4 2.0 -1.4 2.9 0.0 1.3 2.6 2.2 0.1 -2.1

Credit Suisse Feb * 2.0 1.4 - 6.4 - - 5.1 - - -

Daiwa Capital Markets Jan - - - - - - - - - -

Deutsche Bank Jan - - - - - - - - - -

Fathom Consulting Feb * 1.1 1.0 -2.6 1.5 0.2 0.2 1.1 -0.9 0.6 -0.8

Goldman Sachs Feb * 2.0 2.0 0.8 3.2 0.0 1.9 3.0 2.7 0.0 -3.7 i

HSBC Feb * 2.0 1.3 -1.0 6.4 - 1.4 3.8 2.0 - -

ING Financial Markets Dec - - - - - - - - - -

Lombard Street Feb * 1.7 1.8 -1.5 3.8 0.0 1.7 3.1 3.0 0.0 -3.7

Morgan Stanley Feb * 1.6 1.0 -1.9 5.3 0.3 1.0 5.2 3.9 0.3 -

Nomura Feb * 0.9 1.3 -1.6 2.7 -0.1 0.7 3.1 2.3 0.2 -1.2

RBS Global Banking & Markets Feb * 1.5 1.5 -1.9 4.7 - 1.4 5.1 4.6 0.1 -

Santander GBM Feb * 1.7 1.8 0.4 3.9 0.0 1.8 5.2 5.3 -0.1 -2.0

Schroders Investment Management Feb * 1.3 1.1 -1.4 3.7 0.2 1.0 4.0 4.6 0.1 -2.0

Scotiabank Jan - - - - - - - - - -

Societe Generale Feb * 1.4 1.1 -2.0 3.6 0.0 0.8 3.5 1.7 0.6 -

Standard Chartered Bank Feb * - - - - - - - - - -

UBS Feb * 1.2 1.6 0.0 3.5 0.0 1.5 2.0 3.0 -0.4 -


British Chambers of Commerce Dec - - - - - - - - - -

Beacon Economic Forecasting Feb * 2.3 2.7 0.0 6.6 0.1 2.7 6.4 7.3 -0.5 -

Cambridge Econometrics Jan - - - - - - - - - -

CBI Feb * 2.0 1.9 -1.4 5.2 0.2 1.8 6.4 5.8 0.1 -

CEBR Feb * 1.3 0.9 -1.4 1.7 0.1 0.7 3.2 1.2 0.6 -

Economic Perspectives Feb * 1.4 1.5 -1.1 4.2 -0.1 1.1 2.0 0.7 0.4 -

Experian Economics Feb * 1.5 1.7 -2.4 7.0 0.0 1.5 4.0 3.9 0.0 -

EIU Jan - - - - - - - - - -

IHS Global Insight Feb * 1.4 1.6 -0.4 3.4 - 1.4 2.5 2.4 0.0 -

Net

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ITEM Club Feb * 1.9 2.0 -2.3 6.3 0.1 1.7 5.1 4.2 0.2 -

Liverpool Macro Research Feb * 2.0 1.8 c 2.3 m 2.1 d - - - - - -

NIESR Feb * 1.5 1.2 -1.4 7.2 -0.1 1.4 5.9 5.2 0.1 -

Oxford Economics Feb * 2.1 2.0 -1.4 5.6 0.0 1.8 4.7 3.8 0.2 -5.3

EC Nov - - - - - - - - - -

OECD Dec 1.6 1.4 -1.8 3.7 - 1.1 3.6 2.0 - -

IMF Oct 2.2 - - 15.2 a - - 5.2 2.7 - -3.6


Independent 1.6 1.5 -1.3 4.6 0.1 1.4 3.8 3.1 0.1 -2.9

New (marked *) 1.6 1.5 -1.3 4.7 0.1 1.4 3.8 3.1 0.1 -2.9

City 1.6 1.4 -1.2 4.3 0.1 1.3 3.4 2.7 0.2 -2.6


Highest 2.3 2.7 0.8 7.2 0.3 2.7 6.4 7.3 0.6 -0.8

Lowest 0.9 0.9 -2.6 1.5 -0.1 0.2 0.0 -0.9 -0.5 -7.3

Median 1.5 1.5 -1.4 4.2 0.0 1.4 3.8 3.0 0.1 -2.0

OBR Dec 2.0 1.6 -1.4 8.1 0.0 1.9 4.5 3.9 0.2 -3.3



City forecasters

Bank of America - Merrill Lynch Oct - - - - - - - -



Citigroup Jan - - - - - - - -

Commerzbank Feb * 2.3 2.8 2.7 2.8 82.5 0.50 119.9 -


Daiwa Capital Markets Jan - - - - - - - -

Deutsche Bank Jan - - - - - - - -

Fathom Consulting Feb * 2.0 2.5 2.4 1.7 75.0 0.50 100.0 -

Goldman Sachs Feb * 2.0 3.1 - 2.2 84.0 g 0.50 115.0 2.0 g

HSBC Feb * 2.4 3.5 - 2.6 - 0.50 - -

ING Financial Markets Dec - - - - - - - -



Nomura Feb * 2.5 3.1 3.1 2.3 - 0.50 - -




Scotiabank Jan - - 3.6 - - - - -


Standard Chartered Bank Feb * - - - - - - - -

UBS Feb * 2.7 3.2 - 2.0 - 0.50 - -


British Chambers of Commerce Dec - - - - - - - -Beacon Economic Forecasting Feb * 2.5 3.3 3.4 2.9 73.7 1.80 115.5 6.7

Cambridge Econometrics Jan - - - - - - - -

CBI F b * 2 2 2 5 2 4 2 2 79 9 1 00 117 0


CP

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CBI Feb * 2.2 2.5 2.4 2.2 79.9 1.00 117.0 -

CEBR Feb * 2.2 3.0 3.0 2.4 83.0 0.50 110.0 -



EIU Jan - - - - - - - -


ITEM Club Feb * 2.5 3.0 2.9 3.2 83.0 0.50 117.0 -


NIESR Feb * 2.3 2.7 2.7 2.7 j 85.2 k 0.50 98.1 n -

Oxford Economics Feb * 1.6 2.6 2.5 2.5 85.8 0.50 108.6 -

EC Nov - - - - - - - -

OECD Dec 1.8 h - - - - - - -

IMF Oct 1.7 - - - - - - -


Independent 2.3 2.9 2.9 2.6 81.0 0.76 108.7 7.7

New (marked *) 2.3 2.9 2.9 2.6 81.0 0.76 108.7 7.7

City 2.3 2.9 2.9 2.4 80.4 0.62 106.2 4.4


Highest 3.7 4.0 4.2 3.5 88.4 2.00 125.0 12.0

Lowest 1.0 1.7 1.8 1.7 73.7 0.50 90.0 4.4

Median 2.4 3.0 2.9 2.5 82.1 0.50 110.0 6.7

OBR Dec 2.1 2.9 3.1 2.8 83.4 0.50 101.7 -



City forecasters

Bank of America - Merrill Lynch Oct - - - - - - - - -

Barclays Capital Feb * 5.9 y 0.2 0.3 1.59 2.9 - -51.4 - 87.8

Capital Economics Feb * -3.0 y 1.0 -1.5 1.70 1.5 4.0 -25.0 500.0 110.0

Citigroup Jan - - - - - - - - -

Commerzbank Feb * 1.9 y 3.9 0.7 1.42 0.1 4.7 -37.3 - 105.0

Credit Suisse Feb * - - - - - - -25.2 - 88.0

Daiwa Capital Markets Jan - - - - - - - - -

Deutsche Bank Jan - - - - - - - - -

Fathom Consulting Feb * -0.4 x 0.5 0.7 1.50 - - -24.0 475.0 93.0

Goldman Sachs Feb * - 2.0 0.6 1.55 2.0 - -49.0 - 88.0

HSBC Feb * - - - - 3.0 - - - -

ING Financial Markets Dec - - - - - - - - -

Lombard Street Feb * 2.1 k 0.3 -0.2 - - - -56.6 475.0 92.0

Morgan Stanley Feb * - 0.2 1.0 - 2.8 - - 375.0 103.7

Nomura Feb * 1.8 z - 1.2 - -0.4 - -41.9 - 87.2

RBS Global Banking & Markets Feb * - 1.4 0.1 1.65 1.1 - -32.0 375.0 95.0

Santander GBM Feb * - - 0.9 1.52 2.0 - -52.8 375.0 108.0

Schroders Investment Management Feb * 1.4 x - 0.9 1.44 1.3 - -55.0 450.0 85.0

Scotiabank Jan - - - - - - - - -

Societe Generale Feb * 1.5 x - 0.4 1.75 1.5 - -33.0 425.0 106.0

Standard Chartered Bank Feb * - - - - - - - - -

UBS Feb * - - - 1.68 1.9 - -24.0 - 95.0


British Chambers of Commerce Dec - - - - - - - - -Beacon Economic Forecasting Feb * 7.3 z - 1.0 1.38 3.1 9.4 -74.2 375.0 119.8

Cambridge Econometrics Jan - - - - - - - - -

CBI Feb * - 1.3 0.4 1.48 2.2 - -43.8 - 112.5

CEBR Feb * 1.9 kz 1.0 0.5 1.50 0.6 4.5 -35.0 450.0 96.0

Economic Perspectives Feb * 5.0 x -0.5 0.5 1.90 1.4 6.0 -25.0 375.0 105.0

Experian Economics Feb * 2.1 z 1.5 1.0 1.48 1.9 - -35.2 - 99.3

EIU Jan - - - - - - - - -

IHS Global Insight Feb * 2.9 x 1.1 1.0 1.64 1.6 - -40.0 425.0 93.0


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ITEM Club Feb * 3.2 z 0.6 0.8 1.44 4.2 6.6 -25.0 - 90.0

Liverpool Macro Research Feb * - - - 1.33 - - -52.8 - 84.7

NIESR Feb * -3.5 hz 1.5 0.7 2.59 hp - 5.9 -22.4 - 96.0

Oxford Economics Feb * 0.6 z 1.5 0.6 1.61 2.4 6.1 -51.8 375.0 87.0

EC Nov - - - - - - - - -

OECD Dec - - 0.9 k 8.04 hq - - -3.1 a - -6.0 k

IMF Oct - - - 7.95 hq - - -59.5 k - 96.9 h ac


Independent 2.3 1.1 0.5 1.56 1.9 5.9 -39.7 419.2 97.0

New (marked *) 2.3 1.1 0.5 1.56 1.9 5.9 -39.7 419.2 97.0

City 1.4 1.2 0.4 1.58 1.6 4.4 -39.0 431.3 96.0


Highest 7.3 3.9 1.2 1.90 4.2 9.4 -22.4 500.0 119.8

Lowest -3.0 -0.5 -1.5 1.33 -0.4 4.0 -74.2 375.0 84.7

Median 1.9 1.1 0.7 1.52 1.9 6.0 -37.3 425.0 95.0

OBR Dec 3.4 z 0.8 - 1.67 - 5.9 -38.1 - 88


1

2

3

4

5

6

Average of independent forecasts for 2012; GDP growth, CPI and RPI inflation and claimant unemployment

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

3.0

4.0

3.0

4.0

GDP growth (per cent)

CPI (Q4, per cent)

RPI (Q4, per cent)

6

7

1.0

2.0

1.0

2.0

1.45

1.50

1.55

1.60

1.65

1.70

1.75

1.80

1.85

1.90

1.45

1.50

1.55

1.60

1.65

1.70

1.75

1.80

1.85

1.90

Claimant unemployment (Q4, millions)


1

2

3

4

5

6

Average of independent forecasts for 2012; Current account and PSNB (2012-13)

105.0

110.0

115.0

120.0

125.0

105.0

110.0

115.0

120.0

125.0

PSNB (2012-13, £billion)

-60

-55

-50

-45

-40

-35

-30

-25

-20

-15

-10

-60

-55

-50

-45

-40

-35

-30

-25

-20

-15

-10

Current account (£billion)

6

7

90.0

95.0

100.0

90.0

95.0

100.0


1

2

3

4

5

6

Average of independent forecasts for 2013; GDP growth, CPI and RPI inflation and claimant unemployment

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

1.9

2.0

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

1.9

2.0

2.5

3.0

3.5

2.5

3.0

3.5


CPI (Q4, per cent)

RPI (Q4, per cent)

6

7

1.5

2.0

1.5

2.0

1.58

1.60

1.62

1.64

1.66

1.68

1.70

1.72

1.74

1.76

1.78

1.58

1.60

1.62

1.64

1.66

1.68

1.70

1.72

1.74

1.76

1.78

CPI (Q4, per cent)



1

2

3

4

5

6

Average of independent forecasts for 2013; Current account and PSNB (2013-14)

107 5

110.0

112.5

115.0

117.5

120.0

107 5

110.0

112.5

115.0

117.5

120.0


-50

-45

-40

-35

-30

-25

-20

-15

-50

-45

-40

-35

-30

-25

-20

-15


6

7

100.0

102.5

105.0

107.5

100.0

102.5

105.0

107.5


1

2

3

4

5

Dispersion around the independent consensus for 2012; GDP growth, CPI and RPI inflation made in the last 3

months

3.0

3.2

3.4

3.6

3.0

3.2

3.4

3.6

CPI (Q4, per cent)

DB

BCC

OEC

DEE U

BSBC M

S CBZ N C

apE

CS

DC

MG

SH

SBC

ING

RBS

Sa S Sb SG SCB

BEF

Cam

EC

BIC

EBR

EP EIU

GI

ITEM

NIE

SRC

GLS Li

v

-0.2

-0.1

0.0

0.1

0.2

-0.2

-0.1

0.0

0.1

0.2

Independent Consensus


6

7

BCC

ITEM C

G BC CBZ

MS

UBS Cap

E

CS

LS RBS

Sa Sb SG BEF

CBI

CEB

R

EP GI

NIE

SR

N

EE DB

S

ING

EIU

2.4

2.6

2.8

3.0

3.2

3.4

3.6

2.4

2.6

2.8

3.0

3.2

3.4

3.6

Independent consensus

RPI (Q4, per cent)

CG DB

LS BCC C

BZBC M

SU

BSN EE C

apE

CS

DC

MIN

GR

BSSa S Sb SG SC

BBE

FC

BIC

EBR

GI

ITEM

NIE

SR EP EIU

Liv

2.4

2.6

2.8

2.4

2.6

2.8



Dispersion around the independent consensus for 2012; Claimant unemployment, current account and PSNB (2012-

13) made in last 3 months

UBS CBI

Liv BC BE

F

ITEM

CBZ RBS

SCB

GI C

G

DB Sa Sb EIU

ING

SG

Cap

E

DC

M

BCC

CEB

R

EP

EE

S

1.54

1.56

1.58

1.60

1.62

1.64

1.66

1.68

1.70

1.72

1.54

1.56

1.58

1.60

1.62

1.64

1.66

1.68

1.70

1.72


Claimant unemployment (Q4, millions) a N

G S

CG

CEB

R

Cam

E

CBI

GI

GS

Sb BC CBZ SG EE N C

S

BEF

EIU

UBS

Cap

E

Liv

LS RBS

NIE

SR

DC

M

EP60

-50

-40

60

-50

-40Current account (£billion)

BC N CEB

RIT

EMC

S MS

Sb BEF Cap

ED

BR

BSU

BS CG

SGN

IESR

LS BCC GI SC

BLi

v SaC

BZ ING

S EP EIU CBI EE

GS

70

80

90

100

110

120

70

80

90

100

110

120



DB

Sa IN

-80

-70

-60

-80

-70

-60



1

2

3

4

5


months

G DC

MSB

CEF N C

BZ EE MS

BC Liv EI

U Sa Sb UBS

SEP

3.0

3.5

4.0

3.0

3.5

4.0

CPI (Q4, per cent)

Cap

E CG N

EIU

EE DC

MS C

amE

CEB

RN

IESR

MS

UBS SG GI O

EFD

BFC R

BSIT

EMO

ECD

Sb BCC

CBI BC C

BZ HSB

CSa SC

B CS

LSIN

G GS

BEF Li

vEP

0.0

0.5

1.0

1.5

2.0

0.0

0.5

1.0

1.5

2.0



6

7

SGC

G DB

LSFC BE

F OEF

BCC

ITEM C

apE

GI IN

GC

BI CS

GS

EIU R

BSC

EBR

MS CBZ EE H

SBC

S NIE

SRSb BC N

Sa UBS EP

1.5

2.0

2.5

3.0

3.5

4.0

1.5

2.0

2.5

3.0

3.5

4.0


RPI (Q4, per cent)

OEF CS C

apE

GS

ING LS

FC SCB

ITEM

NIE

SRSG BC

CC

BIC

EBR

DB

RBS

GI CG D H BE

1.5

2.0

2.5

1.5

2.0

2.5



1

2

3

4

5

6



Liv C

G DC

M

FC SCB BE

F

CBZ

Sb CBI BC S IT

EM

GS IN

G Sa CEB

R

DB

RBS OEF

UBS EE

GI SG

BCC

EIU

Cap

E

EP

1.40

1.50

1.60

1.70

1.80

1.90

1.40

1.50

1.60

1.70

1.80

1.90


Claimant unemployment (Q4, millions) EF EI

U LS GS OEF

CG

Liv BC S Sb C

amE

CBI IN

GSG

ITEM GI

UBS N

EE CS CBZ FC CEB

RR

BSC

apE

DC

MEP N

IESR-50

-40

-30

-20

-50

-40

-30


7

GI Li

v CS

BC GS

S ITEM

OEF Sb N C

EBR

FC RBS EEM

S CG N

IESR

DB

ING

LS SCB

UBS

BCC Cap

EC

BZ SGEI

U BEF Sa

EPC

BI

85

95

105

115

125

135

85

95

105

115

125

135



DB

SaB E E

-80

-70

-60

-80

-70

-60



1

2

3

4

5


months

LS RBS

CBI

CEB

R

NIE

SR

CBI EE HSB

C

Sa N BEF

ITEM

Liv U

BS SG

S

EP2.5

3.0

3.5

4.0

4.5

2.5

3.0

3.5

4.0

4.5

CPI (Q4, per cent)

N

FC

UBS

S CEB

R SG EP GI

CBI C

apE

RBS

NIE

SR

EE OEC

D LS Sa

ITEM C

S

GS

HSB

C

CBI

Liv O

EF

0.5

1.0

1.5

2.0

2.5

0.5

1.0

1.5

2.0

2.5



6

7

Cap

E

LS GI FC CBI OEF C

S

SG NIE

SR

CBI R

BS

CEB

R

ITEM N GS

EE UBS Sa BE

F S HSB

C

EP

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5


RPI (Q4, per cent)

Cap

E

OEF

GI CS

FC GS L C C

0.5

1.0

1.5

2.0

0.5

1.0

1.5

2.0



1

2

3

4

5

6



Liv

BEF C

BI S ITEM EE C

BI FC CEB

R

Sa

GS

OEF G

I RBS U

BS Cap

E SG

EP

1.20

1.30

1.40

1.50

1.60

1.70

1.80

1.90

2.00

1.20

1.30

1.40

1.50

1.60

1.70

1.80

1.90

2.00



v OEF G

S

CBI N

GI C

BI EE CEB

R

SG RBS

CS

Cap

E

EP ITEM FC UBS N

IESR

-40

-30

-20

-10

-40

-30

-20


7

Liv S

OEF

N GS IT

EM LS FC GI R

BS

UBS CEB

R

NIE

SR EE

CBI

EP SG

Sa

Cap

E CBI

BEF

75

85

95

105

115

125

75

85

95

105

115

125



BEF

LS S

Sa Liv O

-80

-70

-60

-50

-80

-70

-60

-50



2013 2014 2015 2016 2017

0.9 1.7 2.1 2.2 2.2

2.6 2.2 2.2 2.2 2.4

3.2 2.9 3.3 3.3 3.6

1.58 1.53 1.44 1.33 1.24

-45.2 -40.5 -41.7 -40.1 -47.8

2015-16

79.4

2016-17

63.8

Independent average

Note: All the averages given are the mean and exclude non-standard entries (see notation).

PSNB (£bn)

2012-13

91.1

2013-14

103.3

2014-15

92.9

Medium-term forecasts, February 2013

This edition of the comparison contains 16 new medium-term projections for the calendar years

2013 to 2017, and the fiscal years 2012-13 to 2016-17. The table below summarises the

independent average of new forecasts.

Independent average


Inflation rate (per cent)

- CPI

- RPI

Claimant unemployment (mn)

Current account (£bn)


2013 2014 2015 2016 2017 2012-13 2013-14 2014-15 2015-16 2016-17

City forecasters

1.0 2.1 2.4 2.5 2.4 Barclays Capital * 2.2 2.8 2.4 2.4 2.4

0.2 1.5 3.0 3.5 - Capital Economics * - - - - -

0.7 0.8 1.3 1.9 - Citigroup 2.9 1.7 1.5 1.5 -

1.0 1.4 1.8 1.9 1.7 Commerzbank * 2.1 2.0 1.7 1.8 2.2

1.2 2.0 - - - Credit Suisse * - - - - -

1.4 2.0 2.3 2.6 - Goldman Sachs * 2.0 1.7 1.7 1.8 1.6

1.4 2.3 2.5 2.4 - ING - - - - -

0.4 0.9 1.1 1.5 - Nomura * 2.6 3.8 2.7 2.3 -

0.8 1.5 1.7 1.5 1.8 RBS Global Banking & Markets * - - - - -

0.7 1.3 1.9 2.0 2.1 Schroders * - - - - -

1.1 1.2 - - - UBS - - - - -


1.4 2.3 2.0 1.6 1.8 Beacon Economic Forecasting * 2.4 3.5 3.8 4.5 4.8

1.3 2.0 1.9 1.8 - Cambridge Econometrics 2.2 2.1 2.7 2.9 -

0.7 1.3 1.5 1.6 1.5 CEBR * 2.5 2.4 2.5 2.5 2.5

0.9 2.0 - - - EC 2.7 h 2.2 h 2.3 h - -

0.5 1.3 1.7 0.9 - EIU - - - - -

0.7 1.5 1.7 2.0 2.1 Experian * 2.3 2.9 2.1 1.7 1.4

0.8 1.4 2.0 2.5 - IHS Global Insight * - - - - -

1.1 2.2 2.6 2.6 2.7 IMF 108.1 k 111.0 k 113.6 k 116.6 k 119.5 k

0.9 1.9 2.5 2.5 - ITEM Club * 3.2 3.0 2.9 3.5 -

1.5 2.0 2.4 2.8 3.0 Liverpool Macro Research * - - - - -

0.7 1.5 2.1 2.3 2.3 NIESR * 1.8 h 1.9 h 2.1 h 2.2 h 2.0 h

0.9 2.1 2.5 2.8 2.9 Oxford Economics * 1.7 1.7 1.8 1.8 1.9

0.9 1.7 2.0 2.2 2.2 Independent average 2.4 2.5 2.3 2.4 2.4

0.9 1.7 2.1 2.2 2.2 New forecasts (marked *) 2.3 2.6 2.4 2.5 2.4

1.5 2.3 3.0 3.5 3.0 Highest 3.2 3.8 3.8 4.5 4.8

0.2 0.9 1.1 1.5 1.5 Lowest 1.7 1.7 1.7 1.7 1.4

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

City forecasters


0 5 1 3 - - - Capital Economics * -0 3 0 2 - - -

Table M1: Medium-term forecasts for GDP and the GDP deflatorGDP (percentage change) GDP deflator (percentage change)

Table M2: Medium-term forecasts for domestic demand and net trade contributionDomestic demand (percentage change) Contribution of net trade to GDP growth (per cent)

0.5 1.3 - - - Capital Economics -0.3 0.2 - - -

0.3 0.5 0.8 1.4 - Citigroup 0.4 0.3 0.4 0.5 -

1.2 1.3 2.0 2.4 2.3 Commerzbank * -0.2 0.1 0.2 -0.5 -0.6

- - - - - Credit Suisse * - - - - -

1.8 1.9 2.1 2.5 - Goldman Sachs * -0.4 0.0 0.1 0.1 -

1.5 2.2 2.6 2.5 - ING -0.1 0.1 -0.1 -0.1 -

0.5 0.7 1.0 1.6 - Nomura * -0.1 0.2 0.2 -0.1 -

0.4 1.4 1.2 1.3 1.4 RBS Global Banking & Markets * 0.4 0.1 0.5 0.2 0.4

0.8 0.8 1.0 2.0 2.2 Schroders * -0.8 -0.3 0.1 0.0 0.0

1.0 1.6 - - - UBS -0.3 -0.4 - - -


2.1 2.7 2.2 1.7 1.9 Beacon Economic Forecasting * -0.6 -0.5 -0.3 -0.2 -0.2


0.2 0.7 0.7 0.8 0.7 CEBR * 0.7 0.6 0.8 0.8 0.9

0.6 f 1.5 f - - - EC 0.3 0.5 - - -

0.6 1.1 1.5 0.7 - EIU -0.1 0.2 0.1 0.2 -

0.6 1.5 1.8 2.2 2.4 Experian * 0.2 0.0 -0.1 -0.3 -0.3

0.9 1.4 1.7 2.2 - IHS Global Insight * -0.1 0.0 0.3 0.3 -

- - - - - IMF - - - - -

1.0 1.7 2.1 1.9 - ITEM Club * 0.0 0.2 0.4 0.5 -

- - - - - Liverpool Macro Research * - - - - -

1.4 1.4 1.8 1.9 1.8 NIESR * -0.7 0.1 0.2 0.4 0.5

1.2 1.8 2.1 2.3 2.4 Oxford Economics * -0.3 0.2 0.3 0.4 0.5

0.9 1.5 1.7 1.8 1.9 Independent average -0.1 0.1 0.2 0.2 0.2

0.9 1.5 1.7 1.9 1.9 New forecasts (marked *) -0.1 0.1 0.2 0.2 0.2

2.1 2.7 2.2 2.5 2.4 Highest 0.7 0.6 0.8 0.8 0.9

0.2 0.7 0.7 0.8 0.7 Lowest -0.8 -0.5 -0.3 -0.5 -0.6


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

City forecasters


2.6 1.4 1.6 2.0 - Capital Economics * 3.2 2.1 - - -

2.1 1.9 1.5 1.4 - Citigroup 2.3 1.7 1.4 1.7 -

2.7 2.4 2.5 2.7 3.1 Commerzbank * 3.2 2.9 3.4 3.8 4.1

2.4 2.0 - - - Credit Suisse * 3.2 2.7 - - -

2.5 1.9 1.9 1.5 - Goldman Sachs * 3.2 2.9 3.0 2.7 -

1.7 2.1 2.0 2.0 - ING - - - - -

2.8 2.4 2.3 2.0 - Nomura * 3.5 3.1 - - -

2.6 2.2 2.1 2.0 2.0 RBS Global Banking & Markets * 3.2 2.9 - - -

3.0 3.2 2.8 2.8 2.7 Schroders * 3.3 3.4 3.4 3.6 3.7

- - - - - UBS - - - - -




2.5 2.3 2.5 2.5 2.5 CEBR * 3.0 3.0 3.2 3.4 3.7

2.1 1.9 - - - EC - - - - -

3.2 2.9 2.7 2.2 - EIU 3.4 3.0 2.7 2.3 -

2.8 2.3 2.5 2.2 2.1 Experian * 3.4 3.1 3.7 4.0 4.0

1.9 2.1 2.1 1.9 - IHS Global Insight * - - - - -

1.9 1.7 1.8 1.8 1.9 IMF - - - - -

2.8 2.4 2.2 2.5 - ITEM Club * 2.9 2.9 3.1 3.2 -

2.8 2.6 2.2 2.0 2.0 Liverpool Macro Research * 3.3 3.1 2.8 2.7 2.7

2.4 2.3 2.2 1.8 1.9 NIESR * 3.5 2.7 3.1 2.8 3.2




3.0 3.2 2.9 3.3 3.1 Highest 3.5 3.4 3.9 4.1 4.1

1.9 1.4 1.5 1.5 1.7 Lowest 2.9 2.1 2.5 2.7 2.7

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

City forecasters

- - - - - Barclays Capital * 0.50 0.88 1.88 2.88 3.88

82.3 81.5 - - - Capital Economics * 0.50 0.50 1.50 3.50 -

83.6 83.6 84.1 0.0 - Citigroup 0.50 0.50 0.50 1.04 -

80.5 81.9 88.1 90.6 91.9 Commerzbank * 0.50 0.50 0.94 2.38 3.19

- - - - - Credit Suisse * 0.50 0.50 - - -

84.0 84.0 84.0 84.0 - Goldman Sachs * 0.50 0.50 0.75 1.25 -

- - - - - ING 0.50 1.00 2.00 3.00 -

- - - - - Nomura * 0.50 0.50 1.13 2.13 -

83.3 84.0 - - - RBS Global Banking & Markets * 0.50 0.75 - - -

- - - - - Schroders * 0.50 0.50 0.75 1.25 2.00

- - - - - UBS - - - - -



88.2 k 87.0 k 88.0 k 88.0 k Cambridge Econometrics 0.50 0.80 1.40 1.80 -

82.8 83.0 84.0 85.1 86.4 CEBR * 0.50 0.50 0.50 0.90 1.80

- - - - - EC - - - - -

- - - - - EIU 0.50 0.50 0.50 0.50 -

85.8 87.8 89.5 90.7 90.9 Experian * 0.50 0.50 1.05 2.04 2.90

- - - - - IHS Global Insight * 0.50 1.00 2.00 3.00 -

- - - - - IMF - - - - -

84.1 83.6 81.8 79.4 - ITEM Club * 0.50 0.50 1.00 2.00 -

83.5 82.7 82.1 81.9 81.6 Liverpool Macro Research * 0.75 1.50 2.00 2.00 2.50

84.8 k 85.1 k 85.5 k 85.9 k 86.3 k NIESR * 0.50 0.50 0.90 1.40 2.00




85.8 87.8 89.5 90.7 91.9 Highest 0.75 1.50 2.20 3.50 3.19

77.9 74.5 73.2 72.1 71.7 Lowest 0.50 0.50 0.50 0.64 1.54

Table M3: Medium-term forecasts for CPI and RPI inflationCPI inflation (annual average, per cent) RPI inflation (annual average, per cent)

Table M4: Medium-term forecasts for the sterling index and official Bank rateSterling index (annual average, Jan 2005=100) Official Bank rate (annual average, per cent)


2013 2014 2015 2016 2017

City forecasters

Barclays Capital * 1.55 1.59 1.59 1.54 1.49

Capital Economics * 5.40 k 5.60 k - - -

Citigroup 1.67 1.72 1.81 1.71 -

Commerzbank * 1.53 1.45 1.46 1.49 1.52

Credit Suisse * - - - - -

Goldman Sachs * 1.57 1.55 1.53 1.08 0.80

ING 1.70 1.68 1.60 1.45 -

Nomura * - - - - -

RBS Global Banking & Markets * 1.61 1.65 - - -

Schroders * 4.90 k 4.80 k 4.40 k 3.90 k 3.20 k

UBS - - - - -


Beacon Economic Forecasting * 1.54 1.44 1.30 1.18 1.09

Cambridge Econometrics 1.70 1.76 1.78 1.76 -

CEBR * 1.60 1.60 1.50 1.40 1.30

EC 8.00 q 7.80 q - - -

EIU 5.10 q 5.20 q 4.90 q 4.90 q -

Experian * 1.67 1.54 1.39 1.31 1.23

IHS Global Insight * - - - - -

IMF 8.11 q 7.95 q 7.57 q 7.19 q 7.01 q

ITEM Club * 1.60 1.49 1.37 1.25 -

Liverpool Macro Research * 1.49 1.37 1.26 1.16 1.08

NIESR * 2.60 p 2.59 p 2.40 p 2.24 p 2.16 p

Oxford Economics * 1.59 1.61 1.58 1.52 1.42

Independent average 1.60 1.57 1.51 1.40 1.24New forecasts (marked *) 1.58 1.53 1.44 1.33 1.24

Highest 1.67 1.65 1.58 1.52 1.52

Lowest 1.49 1.37 1.26 1.08 0.80

2013 2014 2015 2016 2017

City forecasters

Barclays Capital * 1.4 y 4.4 y 6.2 y 5.6 y 4.9

Capital Economics * -5.0 y -3.0 y - y - -

Citigroup -1.2 k -0.6 k 1.6 k 3.7 k -

Commerzbank * -0.8 y 1.9 y 0.0 y 1.2 y 3.3 y


Goldman Sachs * - - - - -

ING 2.0 x 5.0 x 5.0 x 5.0 x -

Nomura * 1.7 z 1.6 z 2.8 z 3.2 z -

RBS Global Banking & Markets * - - - - -

Schroders * 1.4 x 1.4 x 1.6 x 2.5 x 3.0 x

UBS - - - - -


Beacon Economic Forecasting * 1.6 z 6.4 z 6.8 z 4.5 z 3.5 z

Cambridge Econometrics - - - - -

CEBR * 0.8 k 1.9 k 3.0 k 3.8 k 4.5 k

EC - - - - -

EIU - - - - -

Experian * 0.8 z 1.8 z 2.2 z 2.4 z 2.7 z

IHS Global Insight * 2.2 x 4.3 x 5.6 x 5.1 x -

IMF - - - - -

ITEM Club * 0.2 z 2.1 z 5.0 z 6.0 z -

Liverpool Macro Research * - - - - -

NIESR * 0.6 z -3.5 z -1.7 z 0.2 z 1.7 z

Oxford Economics * 0.7 z 0.1 z 1.5 z 3.0 z 4.9 z

Independent average 0.5 1.7 3.0 3.6 3.6

New forecasts (marked *) 0.5 1.6 3.0 3.4 3.6

Highest 2.2 6.4 6.8 6.0 4.9

Lowest -5.0 -3.5 -1.7 0.2 1.7

Table M5: Medium-term forecasts for claimant unemploymentClaimant unemployment (annual average, millions)

Table M6: Medium-term forecasts for house price inflationHouse price inflation (annual average)


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

City forecasters

-50.1 -51.4 -50.9 -48.8 -45.2 Barclays Capital * -3.1 -3.1 -2.9 -2.6 -2.3

-35.0 -25.0 - - - Capital Economics * -2.2 -1.5 - - -

-46.8 -41.7 -32.6 -21.1 - Citigroup -2.9 -2.6 -1.9 -1.2 -

-39.4 -37.3 -23.2 -27.8 -33.8 Commerzbank * -2.4 -2.4 -1.4 -1.6 -1.8

-40.3 -25.2 - - - Credit Suisse * -2.5 -1.5 - - -

-53.0 -49.0 -43.0 -37.0 - Goldman Sachs * -3.3 -3.0 -2.5 -2.0 -

-25.0 -28.0 -30.0 -34.0 - ING - - - - -

-42.3 -41.9 -43.0 -47.1 - Nomura * -2.6 -2.5 -2.5 -2.6 -

-38.0 -32.0 - - - RBS Global Banking & Markets * -2.4 -0.8 - - -

-60.0 -50.0 -55.0 - - Schroders * - - - - -

-29.0 -24.0 - - - UBS - - - - -


-56.1 -74.2 -85.2 -92.0 -97.0 Beacon Economic Forecasting * -3.4 -4.3 -4.7 -4.7 -4.7

-24.0 -21.7 -21.4 -22.2 - Cambridge Econometrics -1.5 -1.3 -1.4 -1.5 -

-39.0 -35.0 -31.0 -25.0 -19.0 CEBR * -2.4 -2.1 -1.8 -1.4 -1.0

- - - - - EC -2.2 -1.1 - - -

-54.9 -61.7 -55.8 -50.8 - EIU -3.5 -3.8 -3.3 -3.0 -

-40.8 -35.2 -44.4 -59.8 -83.5 Experian * -2.5 -2.1 -2.6 -3.4 -4.5

-45.2 -40.0 -29.5 -25.3 - IHS Global Insight * -2.8 -2.4 -1.7 -1.4 -

-68.6 k -59.5 k -42.0 k -32.5 k -22.7 k IMF -2.7 k -2.2 k -1.5 k -1.1 k -0.7

-46.0 -25.0 -14.0 0.0 - ITEM Club * -2.8 -1.5 -0.8 0.0 -

-52.2 -52.8 -53.0 -53.2 -53.4 Liverpool Macro Research * - - - - -

-33.9 -22.4 -20.4 -22.1 -15.4 NIESR * -2.1 -1.4 -1.2 -1.2 -0.8

-52.5 -51.8 -49.2 -43.2 -35.2 Oxford Economics * -3.3 -3.1 -2.9 -2.4 -1.9

-43.0 -39.3 -40.1 -38.1 -47.8 Independent average -2.7 -2.3 -2.3 -2.1 -2.4-45.2 -40.5 -41.7 -40.1 -47.8 New forecasts (marked *) -2.7 -2.3 -2.3 -2.1 -2.4

-33.9 -22.4 -14.0 0.0 -15.4 Highest -2.1 -0.8 -0.8 0.0 -0.8

-60.0 -74.2 -85.2 -92.0 -97.0 Lowest -3.4 -4.3 -4.7 -4.7 -4.7

2012-13 2013-14 2014-15 2015-16 2016-17 2012-13 2013-14 2014-15 2015-16 2016-17

City forecasters

78.4 ac 99.1 87.8 73.2 48.9 Barclays Capital * 5.0 6.1 5.2 4.1 2.6

85.0 ac 112.0 110.0 90.0 60.0 Capital Economics * 7.2 6.9 6.5 5.1 3.2

101.0 ac 121.1 117.3 113.6 - Citigroup 6.5 7.6 7.2 6.7 -

100.0 ac 112.0 105.0 98.0 75.0 Commerzbank * 6.4 7.0 6.4 5.7 4.2

Table M7: Medium-term forecasts for the current accountCurrent account (£ billion) Current account (per cent of money GDP)

Table M8: Medium-term forecasts for PSNBPSNB (£ billion) PSNB (per cent of money GDP)

100.0 ac 112.0 105.0 98.0 75.0 Commerzbank 6.4 7.0 6.4 5.7 4.2

80.5 ac 99.0 88.0 - - Credit Suisse * 5.2 6.1 5.2 - -

109.0 ac 100.0 88.0 73.0 52.0 Goldman Sachs * 7.0 6.2 5.3 4.2 2.8

95.0 ac 105.0 80.0 40.0 - ING 6.0 6.4 4.7 2.2 -

79.4 ac 102.8 87.2 78.2 - Nomura * 5.1 6.3 5.2 4.5 -

85.0 ac 105.0 95.0 - - RBS Global Banking & Markets * 5.5 6.5 5.8 - -

102.0 ac 100.0 85.0 65.0 50.0 Schroders * - - - - -

107.0 ac 110.0 95.0 - - UBS - - - - -


83.9 ac 115.7 119.8 120.6 118.7 Beacon Economic Forecasting * 5.4 7.1 6.9 6.5 6.0

93.2 hr 79.8 hr 60.5 hr 43.7 hr - Cambridge Econometrics 5.9 hr 4.8 hr 3.5 hr 2.4 hr -

103.8 ac 96.0 88.0 74.0 68.0 CEBR * 6.3 5.7 5.0 4.0 3.5

- - - - - EC 5.8 ab 6.9 ab 5.6 ab - -

- - - - - EIU - - - - -

90.6 ac 111.9 95.5 81.6 72.1 Experian * 5.8 6.9 5.7 4.7 4.0

93.8 ac 103.8 93.0 79.8 62.8 IHS Global Insight * 5.9 6.3 5.4 4.4 3.3

99.6 hac 117.0 hac 96.9 hac 76.2 hac 52.3 hac IMF 8.2 hac 7.3 hac 5.8 hac 4.3 hac 2.8

80.2 ac 100.2 90.0 72.0 - ITEM Club * 5.1 6.1 5.2 4.0 -

95.4 ac 98.2 84.7 72.2 65.5 Liverpool Macro Research * - - - - -

90.1 ac 109.8 96.0 80.2 57.1 NIESR * 5.8 6.9 5.8 4.6 3.2

100.6 ac 87.0 73.4 53.9 35.8 Oxford Economics * 6.3 5.2 4.2 3.0 1.9

92.7 104.7 93.6 79.1 63.8 Independent average 5.9 6.5 5.6 4.5 3.591.1 103.3 92.9 79.4 63.8 New forecasts (marked *) 5.9 6.4 5.6 4.6 3.5

109.0 115.7 119.8 120.6 118.7 Highest 7.2 7.1 6.9 6.5 6.0

79.4 87.0 73.4 53.9 35.8 Lowest 5.1 5.2 4.2 3.0 1.9


2013 2014 2015 2016 2017

City forecasters

Barclays Capital * -2.2 -1.7 -1.2 -0.9 -0.8

Capital Economics * -7.3 -7.3 -6.3 -5.3 -

Citigroup - - - - -

Commerzbank * -2.2 -2.2 -1.2 -0.6 -0.3


Goldman Sachs * -3.2 -3.5 -3.7 -3.7 -3.4

ING - - - - -

Nomura * -1.2 -1.2 -0.8 -0.7 -

RBS Global Banking & Markets * - - - - -

Schroders * -1.6 -2.1 -2.0 -1.3 -0.5

UBS - - - - -


Beacon Economic Forecasting * - - - - -

Cambridge Econometrics - - - - -

CEBR * - - - - -

EC - - - - -

EIU - - - - -

Experian * - - - - -

IHS Global Insight * - - - - -

IMF -4.4 -3.6 -2.7 -2.1 -1.4

ITEM Club * - - - - -

Liverpool Macro Research * - - - - -

NIESR * - - - - -

Oxford Economics * -5.6 -5.3 -4.8 -4.0 -3.4

Independent average -3.5 -3.4 -2.8 -2.3 -1.6New forecasts (marked *) -3.3 -3.3 -2.8 -2.4 -1.7

Highest -1.2 -1.2 -0.8 -0.6 -0.3

Lowest -7.3 -7.3 -6.3 -5.3 -3.4

Table M9: Medium-term forecasts for the output gapOutput gap (percentage of potential GDP)


1

2

3

4

5

Average of medium-term forecasts for GDP growth, CPI

inflation and claimant unemployment

0.0

0.5

1.0

1.5

2.0

2.5

0.0

0.5

1.0

1.5

2.0

2.5

2013 2014 2015 2016 2017


1.5

2.0

2.5

3.0

1.5

2.0

2.5

3.0

CPI inflation(annual average, per cent)

6

7

1.20

1.30

1.40

1.50

1.60

1.20

1.30

1.40

1.50

1.60

2013 2014 2015 2016 2017

Claimant unemployment (annual average, millions)

0.0

0.5

1.0

0.0

0.5

1.0

2013 2014 2015 2016 2017


1

2

3

4

5

Average of medium-term forecasts for the current

account and PSNB

-60

-50

-40

-30

-20

-10

0

-60

-50

-40

-30

-20

-10

0

2013 2014 2015 2016 2017


100

110

120

100

110

120PSNB (£billion)

6

7

60

70

80

90

60

70

80

90

2012-13 2013-14 2014-15 2015-16 2016-17


BoA Bank of America - Merrill Lynch

BC Barclays Capital

BCC British Chambers of Commerce

BEF Beacon Economic Forecasting

BP BNP Paribas

CamE Cambridge Econometrics

CapE Capital Economics

CG Citigroup

CBI Confederation of British Industry

CEBR Centre for Economics and Business Research

CBZ Commerzbank

DCM Daiwa Capital Markets

DB Deutsche Bank

EBS Experian Business Strategies (previously BSL)

EC* European Commission

EIU Economist Intelligence Unit

EP Economic Perspectives

GI IHS Global Insight

GS Goldman Sachs

HSBC HSBC Global Research

ING ING Financial Markets

IMF* International Monetary Fund

ITEM ITEM Club

JPM JP Morgan Chase

Liv Liverpool Macro Research

LS Lombard Street Research

MS Morgan Stanley

NIESR National Institute of Economic and Social Research

OECD* Organisation for Economic Cooperation and Development

OEF Oxford Economic Forecasting

RBS Royal Bank Of Scotland Global Banking & Markets

Sa Santander

S Schroders Investment Management

SC Scotia Capital

SG Societe Generale

SCB Standard Chartered Bank

UBS UBS

Annex 1: Forecasting institutions referred to in charts and tables

* Forecasts from the EC, IMF and OECD are updated when a full forecast is produced.


Annex 2: Data definitions

expressed as a percentage of trend (or potential)

(Total Pay)

Code BK67

House price inflation Q4 on Q4 annual percentage change in house prices

Public sector accounts, Table PSAT 1, Code ANNX

Current account (£bn) Balance of payments release, Table A, Code HBOP

Size of APF purchases (£bn) http://www.bankofengland.co.uk/markets/apf/index.htm

Public Sector Net Borrowing Public sector finances release, Table PSF 1 /

Claimant unemployment (Q4, mn) Labour market statistics, Table 10, Code BCJD

Manufacturing Output National accounts, Table B1, Code CKYY

World trade in goods and services

Code VWVP, calendar year (previously financial year)

RHDI National accounts, Table J2, Code NRJR

Employment growth Workforce jobs, Labour market statistics, Table 4, Code DYDC

Official Bank Rate (Q4) (Previously Bank of England repo rate (Q4)), Code BEDR

Oil price ($ per barrel) Brent crude, annual average

M4 growth excluding intermediate OFCs Bank of England Monetary and Financial statistics division

RPIX (Q4) Consumer Price Indices release, Table 1, Code CDKQ

Whole Economy Average Weekly Earnings Labour market statistics, Table 15

Sterling index (Q4, Jan 2005=100) Bank of England Monetary and Financial statistics division

Output Gap The gap between actual output and trend (or potential) output,

CPI (Q4) Consumer Price Indices release, Table 1, Code D7G7

RPI (Q4) Consumer Price Indices release, Table 1, Code CZBH

Exports (goods and services) National accounts, Table C2, Code IKBK

Imports (goods and services) National accounts, Table C2, Code IKBL

Gross fixed investment National accounts, Table C2, Code NPQT

Change in inventories National accounts, Table C2, Code CAFU

Domestic demand National accounts, Table C2, Code YBIM

GDP National accounts, Table C2, Code ABMI

Private consumption Households + NPISH, National accounts, Table C2,

Code ABJR+HAYO

General government consumption National accounts, Table C2, Code NMRY


Annex 3: Notation used in tables

a: as a percentage of GDP

b: non-durable consumption

c: consumer expenditure less expenditure on durables and housing

d: private sector investment, stockbuilding and durable consumption

e: investment and stockbuilding combined

f: contribution to GDP growth - percentage points

g: end period

h: calendar year

i: financial year

j: compensation of employees/head

k: different definitions; refer to forecasters for details

l: 3 month interbank rate

m: general government current and capital expenditure plus stockbuilding

n: average of spot price of Brent crude and Dubai light crudeo: world trade in manufacturing

p: ILO unemployment - millions

q: ILO unemployment rate

r: PSNCR (Formerly PSBR)

s: PSNB including the effect of financial interventions

t: world GDP

u: OPEC average

v: final domestic demand

w: percentage change

x: based on Halifax house price index

y: based on Nationwide house price index

z: based on CLG house price series

aa: claimant unemployment rate

ab: treaty deficit

ac: PSNB adjusted to include the transfer of Royal Mail's pension fund

ad: M4 growth


Organisation Contact E-mail address Telephone number

Bank of America - Merrill Lynch Nick Bate [email protected] 020 7995 4262

Barclays Capital Blerina Uruci [email protected] 020 7773 4373

Beacon Economic Forecasting David Smith [email protected] 019 2389 7885

British Chambers of Commerce David Kern [email protected] 020 8904 6293

Cambridge Econometrics Ragini Madan [email protected] 012 2353 3100

Capital Economics James Audley [email protected] 020 7811 3913

Citigroup Michael Saunders [email protected] 020 7986 9297

CBI David Muir [email protected] 020 7395 8102

CEBR Scott Corfe [email protected] 020 7324 2861

Commerzbank Peter Dixon [email protected] 020 7653 7271

Credit Suisse Steven Bryce [email protected] -

Daiwa Capital Markets Chris Scicluna [email protected] 020 7597 8326

Deutsche Bank George Buckley [email protected] 020 7545 1372

Experian Economics Joseph Russell [email protected] 020 7746 8265

EC Olivia Mollen [email protected] 0032 2296 7226

EIU Neil Prothero [email protected] 020 7576 8308

Economic Perspectives Peter Warburton [email protected] 015 8269 6999

Fathom Consulting Philip Lachowycz [email protected] 020 7710 0046

Goldman Sachs Sebastian Graves [email protected] 020 7552 5748

HSBC Alexi Kirlenko [email protected] 020 7991 6823

IHS Global Insight Howard Archer [email protected] 020 3159 3563

ING Financial Markets James Knightley [email protected] 020 7767 6614

ITEM club Peter Spencer [email protected] 019 0432 3771

J P Morgan Allan Monks [email protected] 020 7777 1080

Liverpool Macro Research David Meenagh [email protected] 029 2087 5198

Lombard Street Research Jamie Dannhauser [email protected] 020 7382 5961

Morgan Stanley Melanie Baker [email protected] 020 7425 8607

NIESR Simon Kirby [email protected] 020 7222 7665

Nomura Philip Rush [email protected] 020 7102 9595

Oxford Economics Elizaveta Ross [email protected] 018 6526 8224

Royal Bank of Scotland Ross Walker [email protected] 020 7085 3670

Santander GBM Stuart Green [email protected] 020 7756 6170

Schroders Investment Management Azad Zangana [email protected] 020 7658 2671

Scotiabank Alan Clarke [email protected] 020 7826 5986

Societe Generale Brian Hilliard [email protected] 020 7676 7165

Standard Chartered Bank Sarah Hewin [email protected] 020 7885 6251

UBS Nishit Mittal [email protected] -

Annex 4: Organisation contact details


HM Treasury contacts

This document can be found in full on our website: http://www.hm-treasury.gov.uk

If you require this information in another language, format or have general enquiries about HM Treasury and its work, contact:

Correspondence Team HM Treasury 1 Horse Guards Road London SW1A 2HQ

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