Thu, 3 May 2012

Growth in the UK economy will resume in the second half of 2012, according to the latest quarterly report from the Confederation of British Industry (CBI).

The CBI is expecting GDP growth in 2012 of 0.6%, a slight decrease from its February forecast of 0.9%. The following year should see 2% growth.

CBI director-general John Cridland says: “Optimism among businesses has been increasing since the turn of the year, with manufacturing demand holding up. And that is beginning to translate into more jobs and investment.

“That said, the global economy continues to pose a number of significant challenges.

“We have always said that the path back to sustainable economic growth will be a long and difficult one, with many bumps along the way. To re-balance our economy towards exports and investment will take time and patience.”