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In the last few months of 1993 the economic recovery in the UK continued to gather strength and become more broadly based. Signs of some improvement in demand are now apparent in virtually all sectors of the economy and capacity utilisation has begun to rise. Inflationary pressures have however remained modest and the outlook for 1994 is for a further year of steady, if unspectacular, growth with moderate inflation.
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- Copyright © 1994 National Institute of Economic and Social Research
Footnotes
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The forecast was compiled using the latest version of the National Institute Domestic Econometric Model. I am grateful to Andrew Britton, Ray Barrell, Paul Gregg and Garry Young for helpful comments and discussion and to Florence Hubert for her help with the database and the charts. The forecast was completed on 4 February 1994.
References
Barrell, R., Britton, A. and Pain, N. (1994), ‘When the time was right? The UK experience of the ERM’, National Institute Discussion Paper no. 58.Google Scholar
Barrell, R., Pain, N. and Young, G. (1993), ‘A cross country analysis of the demand for labour in Europe’, presented at the EMRU Labour Economics Study Group meeting, December 1993.Google Scholar
Young, G. (1993), ‘Debt deflation and the company sector: the economic effects of balance sheet adjustment’, National Institute Economic Review, no. 144, May.CrossRefGoogle Scholar