Economic Growth To Fall Between 1997 And 1998

The Chartered Institute of Marketing’s Quarterly State of the Market Report, published today, predicts that economic growth will nearly halve between 1997 and 1998 as consumer spending reduces significantly.

This prediction comes from CIM’s economic adviser Douglas McWilliams and the report indicates that the UK’s GDP will fall from 3.7% (1997) to 2.1% in 1998 and stay fairly stable into 1999. According to the CIM this fall in consumer spending will definitely have occured by mid-1998 but this Christmas should still be fairly good for retail.

Inflation is predicted to fall to 2.7% by 1998 and further still to 2.4% by 1999.

Chartered Institute of Marketing: 0171 292 5248