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f growth in the economy in recent years, is expected to s

 
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PostWysłany: Sro Gru 05, 2018 04:47    Temat postu: f growth in the economy in recent years, is expected to s Odpowiedz z cytatem

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LONDON Cheap Mark Grace Jersey , March 14 (Xinhua) -- British economy is predicted to grow by 1.4 percent this year, according to a new forecast released on Tuesday by the British Chambers of Commerce (BCC).


BCC, a major industry representative body, raised its forecast in its latest quarterly review of the UK economy from 1.1 percent, reflecting the unexpected buoyancy in the economy in the immediate wake of the Brexit referendum vote on June 23 and which has continued its momentum into this year.


However Cheap Kosuke Fukudome Jersey , it has downgraded its expectations for 2018 from 1.4 percent to 1.3 percent, and made its first forecast for 2019 of 1.5 percent growth.


Suren Thiru, head of economics at the BCC, said: "We have upgraded our growth forecast for 2017, driven by revisions to official GDP data and a stronger than expected end to 2016 for the UK economy."


Strong consumer spending has surprised Cheap Joe Maddon Jersey , and in addition has also been a slight improvement in the outlook for investment and trade, compared with its previous forecast, the BCC said.


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Inflation is forecast to breach the central bank the Bank of England's (BOE) 2 percent target this quarter, with companies facing higher input costs, which will be passed through to consumers. CPI inflation was forecast to be 2.4 percent in 2017, 2.7 percent in 2018 before slowing to 2.5 percent in 2019.


While average earnings are expected to hold steady, the inflationary pressures are likely to erode real wages. As a result Cheap Miguel Montero Jersey , consumer spending, a driving force of growth in the economy in recent years, is expected to slow substantially.


The UK economy is still set to enter a more subdued period, with growth expected to remain materially below trend over the near term. The resilience in consumer spending, a key driver of UK growth Cheap Anthony Rizzo Jersey , will slowly dissipate over the coming months as higher inflation and muted wage growth combine to erode consumer spending power.


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