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UK economy's growth at 11-year high

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Staff writer ▼ | May 31, 2014
The Confederation of British Industry (CBI) said the British economic growth reached a record high in May, posting the highest reading since 2003.
UK export
UK exportThe Confederation of British Industry (CBI) said the British economic growth reached a record high in May, posting the highest reading since 2003.


A survey of 726 respondents across the manufacturing, retail and service sectors registered record high growth in business activity, said CBI.

The British economy performs strongly this year. Latest figures from Office for National Statistics showed that the Britain economy grew by 0.8 percent in the first quarter of 2014.

The CBI's growth survey suggested the British economy has continued to perform strongly going into the second quarter of 2014, with the pace of growth predicted to remain firmly above average for the coming quarter as well.

Besides, the British Chambers of Commerce upgraded its growth forecast for 2014 from 2.8 percent to 3.1 percent, which, if achieved, would be the highest rate since pre-crisis 2007.


 

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