Monday, 19 March 2018

UK growth forecast raised by British Chambers of Commerce

The British Chambers of Commerce (BCC) has raised its UK growth forecast, but warns it will be among the worst performing G7 economies until 2020.

The BCC has raised its GDP forecast for 2018 from 1.1% to 1.4% and in 2019 from 1.3% to 1.5%. Its first forecast for 2020 is for 1.6% growth.

The hike is driven by slightly stronger than expected consumer spending.

And it says the UK's export performance is expected to remain robust on the back of strong global growth.

But it says with imports also likely to continue to grow, the contribution of net trade to the UK's GDP growth over the near term is to be limited, "particularly with little evidence of a sterling boost to the UK's overall net trade position".
And despite the upgrades, UK GDP growth is set to remain well below the historical average throughout the forecast period.

BBC     News.

No comments:

Post a Comment