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UK Finance Ministry Updates 2016 GDP Growth Forecast to 2.1%, 2017 to 1.4%

© AFP 2023 / ANIEL LEAL-OLIVASBritish Foreign Secretary Philip Hammond arrives in 10 Downing Street in central London on May 13, 2016
British Foreign Secretary Philip Hammond arrives in 10 Downing Street in central London on May 13, 2016 - Sputnik International
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British Chancellor of the Exchequer revised internal GDP growth for this year to 2.1 percent and downgraded expectations to 1.4 percent in 2017.

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LONDON (Sputnik) — The United Kingdom's Chancellor of the Exchequer, Philip Hammond, revised upward GDP growth for this year to 2.1 percent and downgraded expectations to 1.4 percent in 2017.

Hammond voiced the Office for Budget Responsibility (OBR) forecasts in his Autumn Statement on Wednesday.

In March, Hammond's predecessor George Osborne downgraded 2016 GDP forecasts from 2.4 percent to 2 percent. Osborne also downgraded GDP growth forecasts for next year from 2.5 percent to 2.2 percent.

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