CBI: UK growth to remain subdued in 2013

13 February 2013

Britain's rate of economic growth will remain subdued in 2013 due to a combination of internal and external pressures.

That is according to the Confederation of British Industry's (CBI) latest economic forecast, which was published this morning (13 February) and predicted that the UK will experience gross domestic product (GDP) expansion of one per cent this year.

This represents a slight decline on the previous forecast of 1.4 per cent growth and the CBI explained this downgrade is primarily because of the fact official data from the Office for National Statistics revealed the economy contracted by 0.3 per cent in the final quarter of 2012.

In addition, the CBI anticipates GDP expansion of two per cent with "modest" quarterly growth of between 0.5 per cent and 0.6 per cent.

John Cridland, director-general of the CBI, said that while "we are beginning to see the return of organic growth", expansion at home and abroad will be kept in check by issues in the eurozone and further afield.

By Claire Archer

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