The Confederation of British industry has revised its predicted growth figures for the second time this year.
According to the Financial Times, the forecast has been reduced by 0.4 per cent from 1.3 per cent to 1.7 per cent. This in turn is the second reduction to the forecast this year, after the prediction was changed from its original figure of 1.8 per cent in February.
Although there is no change in the expectations for the performance of British business, wider market conditions, including concerns over the Eurozone and US debt, have contributed to the revisions.
“The global economy has slowed in the face of several shocks, including the Japanese tsunami and soaring commodity prices,” said the CBI’s director general John Cridland.
“These factors have combined with political uncertainties around the eurozone sovereign debt crisis, the wrangling in Congress over the US debt ceiling and the policy tightening in China, to erode confidence and soften activity.”
Advertisement
Related Stories
- Lenovo net profits soar by 73% May 23rd 2012 at 10:55AM
- iPad boosts April online sales to strongest in 18 months May 22nd 2012 at 10:53AM
- Considering a new career? May 18th 2012 at 1:36PM
- GfK: Market growth to slow in 2012 May 2nd 2012 at 11:49AM
- The UK loves smartphone news Mar 25th 2012 at 11:25PM
- Government aims to double UK exports Mar 21st 2012 at 1:30PM
- The Hut Group sees 70 per cent growth Feb 10th 2012 at 4:49PM
- Samsung to launch Galaxy Nexus White Feb 7th 2012 at 10:08AM
