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British businesses expect growth pick up in Q2 2015

Xinhua, April 7, 2015 Adjust font size:

The Confederation of British Industry (CBI) Tuesday estimated that British domestic gross production in the first quarter of 2015 expanded by 0.7 percent, up from 0.6 percent in the previous quarter.

According to the CBI's latest growth indicator, British economic growth held steady in the first quarter and is expected to gather momentum over the next quarter, said the business lobby group.

CBI's monthly growth indicator is a business survey which includes 764 private firms from a range of sectors.

The first quarter's overall reading (18 percent) shows that private sector growth was almost unchanged from the three months to February (19 percent), but businesses expect growth to strengthen, with the balance of expectation for business growth in the second quarter standing at 25 percent.

Katja Hall, the deputy director general of CBI, said in a statement: "The outlook for 2015 looks encouraging. Our surveys show it's been a solid start to the year with the prospect of stronger growth to come. The benefits of lower oil prices should be increasingly felt; with cheaper petrol boosting households' incomes and spending power, and cutting costs for many businesses."

She also noted that the main risk to the British economy comes from the euro zone, citing the "continuing wrangling over Greece's bailout package stoking uncertainty."

Meanwhile, many businesses will also have to contend with a stronger pound weighing down already weak export growth, she added. Endit