U.K. Economic Growth Slowed In July: NIESR

(RTTNews) - The U.K. economy grew at a slower pace in the three months to July than in the the June quarter, the latest estimate from the National Institute of Economic and Social Research showed Wednesday.

Gross domestic product rose 0.6 percent in the three months to July after increasing 0.8 percent in the three months to June, revised from 0.9 percent estimated earlier.

This implies an annual growth rate of around 3 percent, the think-tank said.

"While the economy regained its pre-recession size recently, a significant negative output gap remains," NIESR said.

"We expect the MPC to introduce the first interest rate hike in February 2015."

Yesterday, the NIESR raised the 2014 growth forecast to 3 percent from 2.9 percent. Growth is seen at 2.3 percent for 2015.