Weaker UK Economy Predicted by European Commission

The European Commission (EC) projected that the British economy will have a large decline for the next two years. Previously, there are predictions regarding UK economic downtrend but the country acquired 1.7% this year and 1.9% for the next.

According to forecasts, UK will only gain 1.5% growth within this year and an estimated 1.2% for 2018, compared with 2% expansion last 2016. The EU institution further mentioned the reason behind the decline is due to dilemmas brought by the Brexit referendum.

In compared with UK, the 19 European countries are expected to develop by 1.6% for 2017 and 1.8% for the following year. Moreover, the EC have stated that the United Kingdom and Europe will improve suggesting a 1% surge for the current year.

Inflation was likely to boost touching 1% annual rate relatively higher than the 0.2% result in 2016.