The Confederation of British Industry is expecting the UK economy to continue to grow this year and expand by 2 per cent in 2014, according to its latest economic forecast.
GDP growth is expected to be 1 per cent in 2013, with a gradual increase at a quarterly rate – climbing from 0.3 per cent in the second quarter to 0.4 per cent in the third and fourth.
For the following year, the CBI expects this quarter-on-quarter growth to range between 0.5 per cent and 0.6 per cent.
CBI director economics Stephen Gifford says: “Our latest survey data suggests that the momentum shown in the first quarter will continue into the next. We continue to expect UK economic growth to strengthen and become more broad-based over this year and next.
“Global uncertainty has receded somewhat, setting the stage for a gradual improvement in trading conditions. However, while household incomes are expected to remain under pressure, improving credit conditions and confidence should maintain the momentum in the consumer recovery.”