BCC Raises 2017 Growth Forecasts

The British Chambers of Commerce nudged up its forecast for economic growth next year but downgraded the outlook for 2018 due to inflation pressures and ongoing uncertainty as Britain prepares to leave the European Union, it said on Monday.

The BCC modestly revised up its expectations for gross domestic product growth to 1.1 percent for 2017 from 1.0 percent after a stronger-than-expected economic performance following June’s vote to quit the EU which means the economy is likely to grow 2.1 percent this year, roughly its long-run average.

However, the business group said it expected the current economic momentum to slow over the next two years and downgraded its GDP forecast for 2018 to 1.4 percent from 1.8 percent, as Britain continues its divorce from the EU.


Europe Seen Higher as Oil Spikes on Output Deal

Stormy Week ?


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.