The U.K. could post better-than-expected growth numbers over the next three years, with a strong service sector propelling household consumption and business investment, according to business lobby group, the British Chambers of Commerce (BCC).
In its second quarter economic outlook, the BCC upped its gross domestic product (GDP) growth forecast for 2013, 2014 and 2015, and said the service sector was likely to outperform other sectors.
“We have constantly said that earlier fears of a triple-dip recession were misguided and risked damaging confidence unnecessarily,” said John Longworth, the BCC’s director general, on Friday.
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