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CBI: Outlook for economic growth is ‘exceptionally strong and broad-based’



The outlook for the British economy over the next three months is ‘exceptionally strong and broad-based’, according to the CBI.


In their latest monthly survey of 675 firms across the manufacturing, retail and services sectors, respondents recorded solid growth in activity, with a balance of +25%, up from +19% in March. Firms are optimistic that growth will pick up again over the next quarter, with the expectations balance at +42%, the highest figure since the CBI started collecting the data in 2003.


Output rose from the eight-month low recorded in March, and remains well above average, suggesting that the UK’s economic recovery is ‘steadily advancing’.


Katja Hall, the CBI’s Chief Policy Director, said: “These latest growth figures, and the strong expectations for the next quarter, provide further encouraging signs of increasing vigour and confidence across the UK economy.


“While consumer spending accounted for the lion’s share of GDP growth last year, there are firm indications of growth becoming more broad-based. We expect growth to strengthen in 2014, underpinned partly by rising business and consumer confidence and supportive monetary conditions. Productivity and earnings are also expected to start recovering this year.”