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British GDP 'set for 0.1% growth in 2012'

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British GDP 'set for 0.1% growth in 2012'

Britain's economic growth is likely to remain largely stagnant throughout the remainder of this year, a new report has indicated.

According to the British Chambers of Commerce's (BCC) latest Quarterly Economic Forecast released this morning (1 June), the country will experience total gross domestic product (GDP) expansion of just 0.1 per cent in 2012.

This represents a significant downward revision on the group's previous prediction of 0.6 per cent expansion and is reflective of the fact official data revealed the nation is back in recession after seeing its GDP contract by 0.3 per cent in the first quarter of the year.

The BCC attributed this trend primarily to the ongoing problems in the eurozone, which will continue to negatively affect the country's import and export figures.

With this in mind, the body indicated that the Bank of England is likely to hold interest rates "very low for at least another year".

By Asim Shah

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