The National Institute for Economic and Social Research’s (NIESR) estimate of monthly GDP supports the MPC’s decision to hold tight. Its estimate of GDP suggests that output declined by 0.1 per cent in the three months ending in January after a fall of 0.5 per cent in the three months to December. January’s robust month-on-month growth (a rate of 0.6 per cent), NIESR suggests, is largely related to the recovery of output from the impact of adverse weather at the end of last year.
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