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2.4 EUROPE--The United Kingdom
2017/11/26
The UK economy performed better in 2016 than expected and growth in 2017 is now projected to be stronger than previously anticipated, likely reaching a GDP growth rate of 1.8%. However, the outcome of Brexit is still unknown.
 
The UK chiller and air-side market has contracted by 9% in value terms to US$ 359 million in 2016. The situation is improving as the latest numbers are suggesting much smaller drop. As previously reported, the lack of large projects that is coming to completion stage is holding the market from growing albeit many new building permits being is-sued. The uncertainty around Brexit creates an atmosphere of wait and see attitude especially in the capital London.
 
The total size of the chiller market in 2016 was estimated to have reached US$ 109.2 million in value and just over 2,800 units. This is an increase of about 1% by volume over 2016 and the drop of 12% in value.
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