GDP growth forecast

3rd June 2013

The British Chamber of Commerce has upgraded its GDP growth forecast from 0.

6% to 0.9% in 2013, from 1.7% to 1.9% in 2014, and from 2.2% to 2.4% in 2015. Commenting on the revised economic forecast, Richard Wright, executive director of Sheffield Chamber of Commerce said: -A growth forecast of 0.9 percent is better, but it's still not good enough, especially if we want to reverse the budget deficit and protect and create jobs. -The revised figures do seem more aligned to what we are seeing on the ground though. I have a number of members which are more positive and I do think we are getting better at trading outside Europe and America, as evidenced by our international trade documentation. -However, we need to be above two percent to really start making a difference, anything below that is just living with the increasing competitiveness of the world. -Control of spending, combined with targeted infrastructure investment - which underpins our ability to compete in the future and doesn't just "buy" short term jobs - are the fundamental requirements. -The Government is being very poor at giving a clear signal around energy strategy for instance. It isn't just about cost but around security of supply as well. If we get the right signal we could set about investing and getting work for our supply chains.