{"id":653,"date":"2015-02-17T14:52:10","date_gmt":"2015-02-17T14:52:10","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=653"},"modified":"2015-02-17T14:52:10","modified_gmt":"2015-02-17T14:52:10","slug":"uk-growth-forecast-upgraded-by-cbi-as-prices-continue-to-fall","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/uk-growth-forecast-upgraded-by-cbi-as-prices-continue-to-fall\/","title":{"rendered":"UK growth forecast upgraded by CBI as prices continue to fall"},"content":{"rendered":"<p>The UK&#8217;s economic growth forecast for this year has been upgraded by the Confederation of British Industry (CBI), the business lobby group.<!--more--><\/p>\n<p>While political instability and financial uncertainty in the Eurozone pose a risk to expansion, the CBI still predicts that business investment will see a 5.8 per cent increase and the wider UK economy is expected to grow by 2.7 per cent in 2015.<\/p>\n<p>The CBI\u2019s former forecast \u2013 released in November \u2013 expected UK economic growth for this year to be 0.2 per cent lower (at 2.5 per cent).<\/p>\n<p>Low inflation, which has seen a rise in household spending and a pay increase for the average family, and improvements in general employment conditions, have been two major factors responsible for the revised estimate.<\/p>\n<p>Gross domestic product (GDP), which includes all the services and goods produced in a year, grew by 2.6 per cent last year at a rate faster than other economies in Europe.<\/p>\n<p>Oil prices are expected to remain below $65 per barrel this year.<\/p>\n<p>However, while North Sea oil companies have made cutbacks because of the recent trend, other businesses have experienced a reduction in operating costs as a result of the low oil price.<\/p>\n<p>The CBI also expects consumer price inflation to stay below one per cent this year, which indicates that the economic conditions will continue to remain favourable for consumers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK&#8217;s economic growth forecast for this year has been upgraded by the Confederation of British Industry (CBI), the business lobby group.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/653"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=653"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/653\/revisions"}],"predecessor-version":[{"id":654,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/653\/revisions\/654"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}