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UK growth forecast upgraded

20 August 2013

The Confederation of British Industry (CBI) has upgraded its economic forecast for the UK. 

It has revised its prediction for gross domestic product growth up to 1.2 per cent for 2013 and forecasts a further rise of 2.3 per cent in 2014.

The organisation said the economy performed better than expected in the second quarter and expects further "short-term" momentum to occur between July and September.

According to the CBI's research, output growth is still centered on the services sector, but a broader level of improvement was experienced in quarter two compared to the preceding period.

"In the near term, we expect this pace of growth to be sustained in line with evidence of a pickup in underlying activity from a range of surveys," the organisation stated.

While this is good news for the interim management sector and the UK economy as a whole, the CBI did warn that some challenges still remain.

It claimed strong growth in investment and exports will be needed if a sustained recovery is to be achieved.

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Categories: Commercial

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