Jason Ford

CBI predicts 1.6 per cent growth in UK economy

News

The CBI has announced that it expects the UK economy to continue to grow in 2010, and at a slightly faster pace than had been expected.

In its latest economic forecast, the CBI predicts that the UK economy will grow by 1.6 per cent in 2010 − up from 1.3 per cent in its June forecast. The upward revision is said to reflect better-than-expected growth in the second quarter this year as companies rebuild their stocks.

In a statement, the CBI has revised down its GDP forecast for 2011 to two per cent from 2.5 per cent in June. This takes into account the additional fiscal consolidation measures announced in the emergency budget, which took place after the CBI’s June forecast.

Looking at quarter-on-quarter growth, the CBI expects the economy to grow by 0.3 per cent and 0.6 per cent in the latter two quarters of 2010, having achieved 0.3 per cent and 1.2 per cent growth in the first half of the year.

Quarterly growth is then forecast to pick up from 0.3 per cent to 0.6 per cent over the course of 2011.

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