British Chambers forecast minimal growth

BCC forecasts minimal growth

  • BCC lowers 2012 GDP growth forecast from 0.6% to 0.1%
  • 2013 growth forecast revised up, from 1.8% to 1.9%
  • Household consumption will see a modest improvement from -1.2% in 2011, to positive growth of 0.7% in 2012, 1.7% in 2013, and 2.1% in 2014.
  • Eexpect a strong recovery in business investment from 1.2% in 2011, to 4.3% in 2012, 7.3% in 2013, and 7.6% in 2014.
  • UK exports will grow more rapidly than imports in both 2013 and 2014.
  • UK unemployment will increase from 2.625 million (8.2% of the workforce) in Q1 2012, to 2.9 million (9% of the workforce) in Q3 2013, a net increase of 275,000 in the jobless total.
  • Youth unemployment will total 1.07m in Q3 2013. Unemployment in the 16-17 age group is forecast to total around 223,000 (a jobless rate of 41%) in Q3 2013. Unemployment in the 18-24 age group is forecast to total around 850,000 (a jobless rate of 23%) in Q3 2013
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