GDP – Quick Chart
To add a little more detail the chart below shows the OBR’s forecast for Q4 2010 and Q1 2011 as it was in June 2010, after Osborne’s emergency budget, in November 2010 and at the most recent Budget in March. It also shows the actual outturn of the data.
GDP is about 1.1% lower today than the OBR thought it would be 10 months ago, 0.8% lower than was assumed back in November and about 0.2% lower than the forecast from last month.
The question now is will the full year 2011 forecast be revised down? (For the fourth time).