UK economy continues steady growth, CBI report reveals
The UK economy recorded a steady growth in the three months to March, but is likely to accelerate over the next few months, figures from the CBI’s latest Growth Indicator, a survey of 764 businesses, has been able to reveal.
The research shows stronger growth in the distribution (retail, wholesale & motor trades) and consumer services sectors in March, while manufacturing and professional services recorded slight drops compared to the previous months.
Private sector growth was almost unchanged from the three months to February. However, businesses expect growth to strengthen, driven in particular by a pick-up in business & professional and consumer services, and in the manufacturing sector.
Katja Hall, CBI Deputy Director General, said: “The outlook for 2015 looks encouraging. Our surveys show it’s been a solid start to the year with the prospect of stronger growth to come. The benefits of lower oil prices should be increasingly felt; with cheaper petrol boosting households’ incomes and spending power, and cutting costs for many businesses.”
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