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British Chamber of Commerce Predicts Growth in the Economy

Wolfestone looks at how the British Chamber of Commerce has raised its estimates for the UK economy.

By Maëlle Alquezar

The British Chamber of Commerce has raised its estimates for the UK economy. UK GDP is expected to grow by 0.9 per cent this year, 1.9 per cent in 2014 and 2.4 per cent in 2015 while it was respectively predicted 0.6 per cent, 1.7 per cent and 2.2 per cent back in March.

Last month, the BCC disagreed with the Office for National Statistics’ estimates as they were considered to be exaggerating the economic situation. However, the ONS seems to agree with the new estimates from the BCC this time and has even “outbid” the predicted data, foreseeing a 1% growth this year.

Nevertheless, the BCC has pointed out that the growth will remain modest until 2015. Public sector borrowing is reckoned to reach £117.5 billion in 2013/14; £2.5 billion lower than estimated in March. Interest will start to rise to 0.75% in the second quarter of 2015 while it has been frozen at 0.5% since 2009.

On the other hand, unemployment is expected to reach 2,650 million in the third quarter of 2014. Manufacturing output will also suffer, declining by 1.5 per cent this year, 1.1 per cent in 2014 and 2.3 per cent in 2015.

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