Abstract
The economy will contract very slightly (0.1 per cent) this year but grow by 2.3 per cent in 2013. Consumer price inflation will fall back to 2.2 per cent this year and 1.4 per cent in 2013. We expect the cyclically adjusted current budget to return to balance in 2016–17. We expect unemployment to continue to rise this year to about 9 per cent, and to remain elevated thoughout the forecast period.
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