BCC revises up British economic growth forecast to 0.9 pct for 2013

British Chamber of Commerce (BCC), a leading business group in the country, has upgraded its forecasts for British economic growth for the 2013-2015 period, but warning that risks to economy still remain.BCC issued its Economic Forecast report on Friday, upgrading its former forecast for British economy from 0.Cast iron clawfoot tubs6 percent to 0.garage equipments9 percent in 2013, from 1.7 percent to 1.9 percent in 2014,Used construction machinery and from 2.2 percent to 2.4 percent in 2015.It said the service sector, which accounts for 77 percent of British economy, is likely to outperform other sectors and record full-year growth of 1.8 percent in 2013, 2.3 percent in 2014, and 2.8 percent in 2015."The upward revision in our growth forecasts is encouraging. We have constantly said that earlier fears of a triple-dip recession were misguided and risked damaging confidence unnecessarily," said John Longworth, Director General of the British Chambers of Commerce.carbon sheet"Upward revisions of official figures may even show there was no double dip recession.Vintage bath fixtures" 

However, Longworth admitted that the current economic growth is still too weak and the pace of recovery will remain slow for a while."We are still a far cry from getting the economy fully back on track. The UK is, and will for some time, be performing below its potential and we can do so much better," he said.He urged the government to step up its efforts to create the right conditions for an environment that supports enterprise to create jobs, invest, export and ultimately, grow.Based on the BCC forecasts, Britain's unemployment expected to reach 2.650 million in third quarter of 2014, which is 50,000 higher than it predicted in March.Public sector borrowing is forecast at 117.5 billion pounds in 2013/14, 2.5 billion pounds lower than the Office for Budget Responsibility (OBR) predicted in March 2013.