LONDON (Reuters) – Britain upgraded its official growth forecasts on Wednesday, reflecting a strong economic performance since the projections were last produced in March.
Growth for the current year was forecast to be 3 percent, up from a forecast of 2.7 percent in March, Chancellor George Osborne said when he presented a half-yearly budget update to parliament.
The projection for 2015 was raised to 2.4 from its previous 2.3 percent.
Even with the upgrade, the forecasts from Britain’s Office for Budget Responsibility remain below many other predictions, including those of the Bank of England, which sees growth at 3.5 percent this year and 2.9 percent next year.
(Reporting by William James, editing by Andy Bruce)
Britain raises official growth forecasts for 2014 and 2015
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