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.

Reuters

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