UK’s GDP to grow by 3.1% in 2014, Cebr report forecasts

The UK economy is on an a positive trend and the GDP is likely to rise by 3.1% in 2014, a new report drawn up by leading economic forecasters, the Centre for Economics and Business Research (Cebr), has revealed.

The upward revisions reflect a continued improvement in forward-looking indicators for the UK economy. The report also suggests that households are likely to see their living standards improving, as earnings growth accelerates and headline inflation remains below 2% for the remainder of 2014, further supported by a drop in unemployment. Statistical figures from the report suggest that real household disposable incomes could grow by 1.5% this year after declining by 0.6% in 2013.

The paper from the Centre for Economics and Business Research has also revealed that, on the future, growth should becoming more evenly spread as business investment grows strongly (by 10.1% in real terms this year) and the construction sector is supported by a robust pickup in housebuilding, especially in London.

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