{
  "title": "United Kingdom: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Kingdom",
  "publication": "IMF Staff Country Reports, February 13, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/02/13/united-kingdom-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45627",
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  "summary": "This 2017 Article IV Consultation highlights that the economic growth in the United Kingdom has moderated since the beginning of 2017, reflecting weakening domestic demand.",
  "sections": [
    {
      "heading": "Executive summary and macroeconomic assessment",
      "content": "- Economic growth in the United Kingdom has moderated since the beginning of 2017, reflecting weakening domestic demand.\n- The sharp depreciation of sterling following the referendum has raised consumer price inflation, squeezing household real income and consumption.\n- Business investment has been constrained.\n- In the medium term, growth is projected to remain at about 1.5 percent under the baseline assumption of continued progress in Brexit negotiations that lead to an understanding on a broad free trade agreement and on the transition process."
    },
    {
      "heading": "Risks and uncertainties",
      "content": "- The baseline outlook is subject to a number of risks, including:\n  - developments with Brexit negotiations;\n  - uncertainty about the recovery of productivity growth;\n  - the current account deficit."
    },
    {
      "heading": "Key findings and policy-relevant points",
      "content": "- Sterling depreciation after the referendum has had inflationary effects that reduce household real incomes and consumption.\n- Business investment has been constrained in the post-referendum period.\n- Medium-term projection: growth at about 1.5 percent contingent on favorable Brexit negotiation outcomes and transition arrangements."
    },
    {
      "heading": "Thematic tags and subjects",
      "content": "- Subject: Banking, Expenditure, Income, Inflation, National accounts, Prices, Production, Productivity, Public debt\n- Keywords: BoE's website, CR, EU exit, EU exit negotiations, Global, government, IMF staff estimate, Income, Inflation, ISCR, Productivity, UK banking system, UK CCyB rate, UK's productivity challenge\n\nSource: United Kingdom: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Kingdom (February 13, 2018).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 13, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484341704.002",
    "Economic growth in the United Kingdom has moderated since the beginning of 2017, reflecting weakening domestic demand.",
    "The sharp depreciation of sterling following the referendum has raised consumer price inflation, squeezing household real income and consumption.",
    "Business investment has been constrained.",
    "In the medium term, growth is projected to remain at about 1.5 percent under the baseline assumption of continued progress in Brexit negotiations that lead to an understanding on a broad free trade agreement and on the transition process.",
    "The baseline outlook is subject to a number of risks, including:",
    "Sterling depreciation after the referendum has had inflationary effects that reduce household real incomes and consumption.",
    "Business investment has been constrained in the post-referendum period.",
    "Medium-term projection: growth at about 1.5 percent contingent on favorable Brexit negotiation outcomes and transition arrangements.",
    "Subject: Banking, Expenditure, Income, Inflation, National accounts, Prices, Production, Productivity, Public debt",
    "Keywords: BoE's website, CR, EU exit, EU exit negotiations, Global, government, IMF staff estimate, Income, Inflation, ISCR, Productivity, UK banking system, UK CCyB rate, UK's productivity challenge",
    "**Country Report**"
  ],
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