BCC downgrades British growth forecasts
The British Chambers of Commerce (BCC) has downgraded its growth forecasts for the next three years due to weaker trade and manufacturing, dragged by a slowdown in the global economy.
Britain's economy is now expected to grow 2.4 percent in this year, down from a previous estimate of 2.6 percent, the BCC said.
According to the BCC, the economy will then expand 2.5 percent in 2016 and 2017, down from its previous forecast of 2.7 percent for each of the years. Slowing growth in the third quarter contributed to its downgrade the BCC said, which also cut its outlook for the dominant services sector this year.
"Our persistently weak trade performance and current account balance are impacting our overall growth," said Director General of the British Chambers of Commerce John Longworth, adding that the manufacturing sector has been "hit badly by falling global prospects".
Britain's economy is poised to head the pack once again this year, but policymakers want to see more balanced growth also reliant on strong manufacturing activity and greater exports.
The BCC cut its forecast for growth in the services sector, which makes up the bulk of Britain's private sector economy, to 2.7 percent this year from 2.8 percent previously. It left the 2016 and 2017 growth outlook steady at 2.9 percent.
The manufacturing sector looks set to contract 0.2 percent in 2015 and then grow in 2016 and 2017.
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