THE Confederation of British Industry has cut its forecast of UK growth this year from 1.4% to 1%, citing the weakness of the economy in the fourth quarter of last year when gross domestic product fell 0.3%.
It predicts GDP will rise 0.3% this quarter. The CBI projects quarter-on-quarter growth will then stay at between 0.3% and 0.4% for the rest of 2013.
The CBI predicted 1.4% growth for 2013 in November. It is sticking with its forecast of 2% UK growth in 2014, which would still be well below a long-term average of around 2.5% per annum.
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