: The move follows much weaker than expected official GDP figures for the first quarter, which saw Britain growth rate halve to 0.3%. Those figures and the downgrade from NIESR come as a blow to the Conservatives before the election, according to The Guardian. But the thinktank said the rocky start to 2015 appeared to be a blip and the overall picture was of a reasonably stable recovery. The National Institute of Economic and Social Research has cut its forecast for growth this year to 2.5%, down from 2.9% pencilled in three months ago and below the 2.8% rate last year. There are undoubtedly concerns that this quarter is the harbinger of a pervasive slowdown. We expect economic growth, consistent with a modest recovery, to resume from the second quarter. However, this is probably just a temporary deceleration, partly related to a fall in construction output, a sector that is particularly volatile, said NIESR principal research fellow Simon Kirby.
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