The British Chambers of Commerce said Tuesday that the economy is showing signs of improvement and may avoid a recession. Still, economic growth remains "weak," the industry group said.
The BCC expects the economy to expand 0.3 percent in the first quarter of 2012, after suffering a 0.3 percent contraction in the fourth quarter.
For the whole of 2012, it predicts a 0.6 percent expansion, weaker than the 0.8 percent growth projected by the Office for Budget Responsibility.
Growth is likely to remain low for some time, and a return to a more normal pace is unlikely until 2013, reports quoted BCC chief economist David Kern as saying.
According to the survey, business confidence has increased from the previous quarter, but remains weak compared with the historical standards. Both manufacturers and services firms reported a rise in orders in the first quarter of the year.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.