CBI raises growth forecasts for 2013 & 2014 - "slow and steady" recovery

The UK’s slow march to economic recovery took a significant step this week as the CBI raised its growth forecasts for 2013 and 2014.

The business organisation expects growth to gather pace in 2015 as the economy continues to gather steam.

The business group is now forecasting GDP growth of 1.4% in 2013, and growth of 2.4% in 2014.

Business investment and net trade are expected to provide increasing support to economic growth over the coming years.

CBI director-general John Cridland said: “The UK is now set fair for growth with confidence returning to Britain’s entrepreneurs.

“The recovery that started in the service sector has fanned out to manufacturing and construction, and is shaping up to be more broad-based.

“The recovery won’t be spectacular, just slow and steady, but appears more solid and better-rooted.

“We’re also expecting business investment to pick up over the next two years and beyond, and net trade will begin to make a stronger contribution to growth. By 2015, the CBI is forecasting growth of 2.6%.”

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