The International Monetary Fund has revised its forecast for UK growth in 2017 to 1.3%, 0.9 percentage point lower than it forecast in April, as the Brexit vote throws a spanner in the works.
For this year, growth is forecast to reach 1.7%, down from the prior forecast of 1.9%. The increased uncertainty is expected to significantly weaken domestic demand, the IMF said.
The IMF also cut its forecasts for growth elsewhere due to the expected knock-on effect, including for Germany which is now expected to record growth of 1.2% next year, 0.4 percentage point lower than the April forecast.
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