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Business group upgrades UK forecast

Source BBC News@ tienganhvui.com


ChefsThe service sector accounts for about three-quarters of the UK's economic output



A major business group has upgraded its long-term growth forecasts for the UK economy over the next three years.


But the British Chambers of Commerce (BCC) warns that growth is still too weak and that the economy faces domestic and overseas challenges.


The BCC said it expected output to increase by 0.9% this year, up from a previous growth prediction of 0.6%.


It sees gross domestic product (GDP) for 2014 being raised from 1.7% to 1.9%, and for 2015 from 2.2% to 2.4%.


"The upward revision in our growth forecasts is encouraging," said BCC director general John Longworth.


"Unfortunately, this does not change the fact that economic growth is still too weak and the pace of recovery will remain unduly slow for a while yet."


And the body called on Chancellor George Osborne to use next's month's government spending review to "help create the right conditions to boost enterprise, so that businesses can invest, export, create jobs and drive the recovery".


The BCC represents 104,000 business members with more than five million employees,


In its economic forecast, it also says the services sector, which takes up the major share of the economy, is likely to outperform other areas.


The outlook boost comes after the Bank of England recently forecast that growth would be a little stronger. But this week, the Organisation for Economic Co-operation and Development cut its prediction from 0.9% to 0.8% for the year.





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