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CBI: UK economy will grow in 2012

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CBI: UK economy will grow in 2012

Britain's economy will bounce back to a period of expansion in the second half of 2012, a leading business group has predicted.

According to the Confederation of British Industry's (CBI) latest financial forecast, the UK will experience overall gross domestic product (GDP) growth of 0.6 per cent throughout the year.

This represents a slightly lower than the 0.9 per cent rate estimated in February, with this figure having been readjusted downwards after the Office for National Statistics last week revealed GDP contracted by 0.2 per cent quarter one.

However, the CBI believes a combination of factors - such as the London 2012 Olympics - will boost the economy and accelerate GDP expansion later in the year.

In addition, the group expects quicker growth of two per cent next year as inflation continues to fall.

This comes shortly after David Cameron told the BBC the eurozone crisis is not yet "halfway through" - a fact that could impact on the UK's process of recovery.

By Asim Shah

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