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- British Chambers of Commerce (BCC) trims UK growth outlook
British Chambers of Commerce (BCC) trims UK growth outlook
The British Chambers of Commerce downgraded its growth outlook for next year as unwinding of historically-high inventory levels amid weak business investment weigh on economic activity.
In the latest economic forecast the growth projection for 2020 was lowered to 1% from 1.3% and that for 2021 to 1.2% from 1.4%. However, the growth outlook for 2019 was lifted marginally to 1.3% from 1.2%, citing the exceptionally rapid stock-building ahead of the original Brexit deadline in March.
Gross domestic product was forecast to remain flat in the second quarter of 2019 after expanding 0.5% in the first quarter.
Business investment was expected to decline 1.3% this year versus prior forecast of 1% drop. Further, the lobby projected 0.4% growth next year, before improving to 1.1% in 2021.
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