May 26, 2005

CBI lowers economic growth estimate

by brian_turner

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The Confederation of British Industry (CBI) has reduced its estimate for UK economic growth in 2005, from 2.7% to 2.5%, after its latest manufacturing survey showed a large increase in pessimism. Manufacturers were less optimistic about output levels than at any time in the last five months.

The CBI released the figures, a day after data from the Office for National Statistics showed that UK gross domestic product (GDP), a measure of economic health, is growing at an annual rate of 2.7%.

The figures from the CBI and the Office for National Statistics are both below Chancellor Gordon Brown’s forecast of growth between 3% and 3.5% in 2005.

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