LONDON -(Dow Jones)- Bank of England Monetary Policy Committee member Kate Barker has said she doesn't expect the U.K. economy to gather momentum in the first six months of 2010, but that she's somewhat more optimistic about the latter half of the year.
U.K. output probably started to grow again in the final quarter of 2009, following a surprise contraction in the third quarter, Barker said in an interview with regional newspaper The News, published Wednesday, during a visit to the southern English city of Portsmouth.
The BOE is on track to complete a targeted GBP200 billion of quantitative-easing asset purchases by its meeting in early February. While economists won't rule out the possibility of further stimulus, many think that the MPC will refrain from additional action next month.
"I expect the first half of 2010 at least to be quite patchy and not gather pace. After that I'm a bit more optimistic," Barker was quoted as saying.
"The third quarter of 2009 was down, but I'd be very surprised if the fourth quarter doesn't see some positive growth [in output]," she added.
Barker also observed optimism among exporters in the area about the year ahead, due to the weakness of sterling.
Newspaper Web site: http://www.portsmouth.co.uk/biz/City-has-braved-downturn-well.5979339.jp
Copyright 2009 Dow Jones Newswires
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