BCC upgrades UK GDP figures

The British Chambers of Commerce (BCC) has revised its GDP growth figures for the UK.

It now expects the economy to grow by 3.2 per cent this year (up from 3.1 per cent) and 2.8 per cent in 2015 (up from 2.7 per cent).

This is the first time since before the global financial crisis that growth will have broken the three per cent mark.

Uncertain about how things will pan out further afield, the BCC kept GDP growth the same for 2016 (2.5 per cent).

As can be gauged from the estimates, the speed of economic recovery will begin to slow in 2015.

The BCC explained that this is a reflection of a "deceleration in household consumption and falling public spending as a share of GDP".

John Longworth, director general of the BCC, said that the national body's forecasts reveal that the UK is doing very well in terms of recovery.

Data analysed by the BCC confirms that the country has already become one of the fastest-growing developed countries in the world today.

"We are leading, rather than following, other major economies when it comes to short-term growth," the expert went on to say.

"Businesses up and down the country should be congratulated for their hard work and determination in driving the UK recovery despite a number of international and domestic challenges."

Mr Longworth added that it is important that everyone makes a concerted effort to maintain this expansion and ensure that 2014 is "not a flash in the pan".

He suggested more investment needs to be made, the UK needs to export more and there has to be more of a focus on building projects.

The expert continued: "It is disappointing that we have downgraded export growth for the next two years as a strong international trade performance is key if we are to steer away from a reliance on consumer spending."

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