Nominal GDP and inflation outlook GTM –UK | 12 Nominal GDP growth Core inflation and forecasts Rebased to 100 at Q1 2008 % change year on year 130 4 US Forecast* y 125 UK 3 120 UK 115 2 US Global econom Eurozone 110 1 Eurozone 105 0 Japan 100 Japan 95 -1 90 85 -2 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '11 '12 '13 '14 '15 '16 '17 Source: (Left) FactSet, National Statistics Agencies, J.P. Morgan Asset Management. (Right) National Statistics Agencies, J.P. Morgan Asset Management. *Forecasts from J.P. Morgan Economic Research. Core inflation is CPI ex food and energy. Guide to the Markets - UK. Data as of 31 December 2016. 12