Britain’s economy will recover in the second half of the year after its recent entry into a double dip recession, 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% throughout the year, says the CBI with business picking up in the second half of 2012.
This represents a slightly lower than the 0.9% rate estimated in February, with this figure having been readjusted downwards after the UK Office for National Statistics (ONS) revealed GDP contracted by 0.2% in Q112.
However, the CBI believes a combination of factors, such as the London 2012 Olympics this summer, will boost the UK economy and accelerate GDP expansion later in the year. In addition, the group expects quicker growth of 2% 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 position that, if true, could yet impact on the UK’s process of recovery.
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