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Britain revises up its economy forecast for 2015, 2016

Staff writer ▼ | March 23, 2015
British government upgraded its economic growth forecasts for 2015 and 2016 as the country's Chancellor George Osborne unveiled the final budget before the general election.
George Osborne
United Kingdom   Office for Budget Responsibility
According to the budget, the Office for Budget Responsibility (OBR) revised up its forecast for economic growth in 2015 from 2.4 percent to 2.5 percent and in 2016 from 2.2 percent to 2.3 percent.

Besides, the OBR predicts a growth of 2.3 percent in 2017, which is expected to rise to 2.4 percent in 2019.

Osborne said: "Britain grew faster than any other major advanced economy in the world last year. That is fifty percent faster than Germany, three times faster than the eurozone, and seven times faster than France."

Many data which were revealed today showed British economy was growing steadily.

The OBR revised down its forecast for the unemployment rate in 2015 from 5.4 percent to 5.3 percent. The office also predicted unemployment rate would fall to 5.2 percent in 2016.

In terms of business investment, the office forecast it would increase 5.1 percent in 2015 and 7.5 percent in 2016.

Besides, the country will reach a budget surplus of 5.2 billion pounds in 2018-2019, almost 1 billion pounds more than it forecast in December 2014.