IMF upgrades 2017 UK growth forecast, lowers 2018 view

The world's financial watchdog revised its forecast for economic growth in Britain higher for 2017.

In an update of its World Economic Outlook, the Washington-based lender pegged the UK's rate of economic growth for this year at 1.5%, versus its previous estimate of 1.1%.

Britain's gross domestic product expanded at a 2.0% clip in 2016.

The IMF said the upwards revision was “mostly on account of a stronger-than-expected performance during the latter part of 2016”.

However, its projection for 2018 was lowered by 0.3 percentage points to 1.4%.

Global growth was still seen at 3.4% in 2017 and 2018.