The Confederation of British Industry now has more confidence in the UK economy and has increased its economic forecast for 2013 by 1.2%.
Online PR News – 23-August-2013 – Oxford – As an additional vote of confidence for UK's economic growth, the Confederation of British Industry has increased its predicted economic growth for the country this year. From an initial prediction of 1%, they now predict a growth of 1.2% for UK for 2013. In addition to that, they predict for 2014 that various investments in housing and business will increase, as well as the amount of disposable income. Due to these predicted factors, CBI has increased economic growth forecast from 2% to 2.3% for next year.
Despite positive signs of recovery, the same group has observed that growth via trade and investments, instead of consumer spending, is quite slow and has not found its foothold yet for them to be able to foresee a well-balanced economy any time soon. They also mentioned that, as the country' economy continues to recover, they expect to see more imported products circulating in the market – something which could very well negate the growing number of exported products in the UK.
The Director-General of CBI, John Cridland, said, "The economy has started to gain momentum and confidence is picking up, but it's still early days." He further mentioned, "We need to see a full-blown rebalancing of our economy, with stronger business investment and trade, before we can call a sustainable recovery." He also stated that the group hopes the positive changes will start to appear next year.
On consumer spending, retail sales have recently climbed up due to the warm weather the country has been experiencing lately. As a matter of fact, the CBI released their new increased forecast of economic growth after official data came out regarding the boost in retail sales. In comparison to data from a year ago, the number of shopper visits to retail establishments have increased by 0.8%. According to data gathered by the British Retail Consortium and Springboard, among the most popular retail items recently are outdoor items and summer wear.
Meanwhile, internet shopping experienced its first ever dip since its inception 13 years ago. Data gathered by Capgemini Consulting between the 6th and 7th month this year shows that e-retail sales fell by 2%. Capgemini Consulting's Alex Smith-Bingham stated, "The warm weather encouraged shoppers to leave their homes and shop on the High Street to enjoy the sunshine. As a result, bricks-and-mortar retailers saw sales rise."
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