Economic Growth

(asked on 16th September 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent projections he has made of (a) GDP and (b) GNI growth in (i) 2020 and (ii) 2021.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 24th September 2020

The Office for Budget Responsibility (OBR) is responsible for producing forecasts of the economy and public finances. HM Treasury does not produce forecasts of the economy or public finances.

The latest OBR forecast of Gross National Income (GNI) was published by the OBR in March. The OBR also published a set of economic scenarios as part of their July Fiscal Sustainability Report. In their central scenario real Gross Domestic Product (GDP) is assumed to fall by 14.3 per cent in 2020 before growing by 4.6 per cent in 2021.

The Chancellor of the Exchequer has asked the Office for Budget Responsibility to prepare a new economic and fiscal forecast.

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