Budget 2014: GDP per capita will not return to previous peak until 2017
If we look at the small print of the OBR document (table 1.5), it actually says that GDP per capita is not expected to return to its pre-recession peak until 2017.
There was a great deal today from George Osborne in the Budget today about revised GDP forecasts from the Office for Budget Responsibility (OBR).
“A year ago at the Budget the OBR forecast the economy to grow by just 0.6 per cent in 2013. They now confirm that it grew by three times as much,” the chancellor told the Commons.
“These growth figures mean our economy will be £16 billion larger than was forecast just four months ago…That’s the biggest upward revision to growth between Budgets for at least 30 years,” he added.
Some have interpreted this as meaning that Britain will be back to its pre-recession peak by this summer.
However, if we look at the small print of the OBR document (table 1.5), it actually says that GDP per capita is not expected to return to its pre-recession peak until 2017.
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