![]() On a quarterly basis GDP is forecast to fall 0.3% in the first quarter of 2023, before showing zero growth in the second quarter and rising by 0.2% in each of the third and fourth quarters of 2023.Įconomists polled by Reuters last month forecast the economy would contract 0.4% in the first and second quarters and then decline 0.1% in Q3. ![]() Figures for January are due to be published on Friday. Official data showed the economy narrowly avoided a recession after zero growth in the final quarter of 2022. The BCC forecast that gross domestic product (GDP) would fall by 0.3% this year, a smaller decline than its previous forecast of a 1.3% fall, after stronger activity at the end of 2022. The brighter outlook chimed with other measures of Britain's economy including purchasing managers' index (PMI) surveys and consumer confidence data that have improved in recent weeks. ![]() LONDON, March 8 (Reuters) - The British Chambers of Commerce (BCC) forecast on Wednesday that the country's economy is on track to shrink less than expected this year and avoid the two quarters of negative growth which mark a technical recession.
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