Bcc: Gdp Figures Highlight Growing Risks In The Economy
28 July 2008 in Chamber News
Commenting on the GDP figures for Q2 2008 published by the ONS today, David Kern, Economic Adviser to the British Chambers of Commerce, said:"Today's GDP confirms the dramatic worsening in economic prospects. Growth was below trend for the second quarter in a row and the position is likely to deteriorate in the second half of the year. We now expect zero or negative growth in the next two or three quarters."Both manufacturing and construction recorded falls in the BCC's last economic survey and the service sector remains very vulnerable."We believe a major recession can still be avoided but both the MPC and the Government must act to sustain confidence."