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UK GDP forecast upgraded

UK GDP forecast upgraded

Category: Economy

Updated: 03/06/2013
First Published: 03/06/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The British Chambers of Commerce (BCC) has forecast that the UK's gross domestic product (GDP) will rise by more than initially predicted.

Figures released in the BCC's Economic Forecast showed that GDP is now expected to increase to 0.9% over the rest of this year, 1.9% in 2014 and 2.4% in 2015, predominantly as a result of better than predicted GDP during the first three months of 2013, improved consumer spending and strong output in the service sector.

Director-general of the BCC, John Longworth, said: "There is no doubt that the improved outlook is a tribute to the unswerving determination shown by our members in previous quarters, when there was excessive pessimism over the economy.

"Unfortunately, this does not change the fact that economic growth is still too weak, and the pace of recovery will remain unduly slow for a while yet. We are still a far cry from getting the economy fully back on track.

"The UK is, and will for some time, be performing below its potential and we can do so much better," he warned.

The BCC also called for the Chancellor of the Exchequer, George Osborne, to use the Government's June Spending Review to create the right economic conditions to boost enterprise growth.

Improved conditions, the BCC believes, will help promote business investment, exporting, employment opportunities and steer the UK towards an economic recovery.

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