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Monday, March 10, 2014

GDP Back To 2008 Levels

The British Chambers of Commerce (BCC) has said that the economy, which is currently 1.4% below its pre-recession peak in 2008, would exceed these levels in the second quarter of this year.

Despite saying last year that the level would not be reached until 2016, the BCC has upgraded its forecasts for growth to 2.8% this year and 2.5% next year, from previous projections of 2.7pc and 2.4pc.

John Longworth, director-general of the BCC, is quoted by the Telegraph:
"Our economic recovery is gaining momentum. Businesses across the UK are expanding and creating jobs, and our increasingly sunny predictions for growth are a testament to their drive and ambition."
BDO, in its own survey, also backed the BCC prognosis. Peter Hemington, a partner at BDO, said there was "markedly strong optimism and hiring intentions across all sectors of the economy".
 
However, according to the BCC, the UK is lagging behind Germany and the US where GDP is already well above pre-recession levels.

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