The British Chambers of Commerce (BCC) has today (Monday) slightly upgraded its UK growth forecast for 2017 from 1.4% to 1.5%. Its expectations for growth in 2018 and 2019 remain unchanged at 1.3% and 1.5% respectively.
The British Chambers of Commerce (BCC) has today (Monday) upgraded its UK GDP growth forecast from 1.8% to 2.1% for 2016, and from 1.0% to 1.1% in 2017. However, it has also downgraded expectations for 2018 from 1.8% to 1.4%.
The British Chambers of Commerce (BCC) has upgraded its UK GDP growth forecast for the next three years, from 2.3% to 2.6% in 2015, 2.6% to 2.7% in 2016, and 2.6% to 2.7% in 2017. The principal driver for the leading business group’s forecast upgrade is stronger than previously expected growth in both the UK’s service sector and consumer spending.
- BCC upgrades 2014 GDP growth forecast from 3.1% to 3.2% - the highest growth rate since 2007
- Growth forecast for 2015 upgraded from 2.7% to 2.8%, but remains unchanged for 2016 at 2.5%
- First increase in official interest rates to 0.75% expected in Q1 2015
- GDP growth will continue at a strong pace of 0.8% in Q3 2014
- Exports of goods and services downgraded: from 1.9% to 0.8% for 2014, from 4.2% to 4.1% for 2015
- John Longworth: “We must ensure the stellar growth in 2014 is not a flash in the pan”
- BCC upgrades GDP growth forecasts from 2.7% to 2.8% in 2014 and from 2.4% to 2.5% in 2015
- UK GDP expected to exceed its pre-recession peak in Q2 2014 – one quarter earlier than we forecast in December
- The first increase in UK interest rates expected in Q3 2015 to 0.75%
- BCC predicts that wage growth will exceed inflation from mid-2014
- The youth unemployment rate is expected to remain almost three times the national average over the forecast period (2014 – 2016)