#BCC #uk #ukmfg The British Chambers of Commerce (BCC) has upgraded its growth forecasts for the next three years. The business group now expects growth of 0.9% this year, compared with a prediction of 0.6% in its previous quarterly survey.
Its growth forecast for next year has been adjusted from 1.7% to 1.9%, while its 2015 growth forecast has gone up from 2% to 2.4%.
The upward revision is attributed to unexpected GDP growth in the first quarter of 2013, plus a stronger recovery in service-sector output and consumer spending. However, the BCC warned that growth is still too weak and the economy faces challenges.
John Longworth, director general of the BCC, said: “We have constantly said that earlier fears of a triple-dip recession were misguided and risked damaging confidence unnecessarily. 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.”