The UK economy continues to grow at a strong pace according to the latest CBI growth indicator. The survey of 726 respondents across the manufacturing, retail and service sectors posted its highest reading since data began in 2003 with a balance of +35%, up from +25% in April.
The CBI’s growth indicator suggests the UK economy has continued to perform strongly going into the second quarter of 2014, with the pace predicted to remain firmly above average for the coming quarter as well (a balance of +30 for expected output growth for the next three months).
Growth strengthened in retail sales and business volumes for the business and professional and consumer services sectors in the three months to May, with manufacturing output continuing to grow at the same solid pace as the previous two months.
CBI Deputy Director-General, Katja Hall, said: “The Uk economy is performing strongly and this thanks to rising business and consumer confidence, better credit conditions at home and improving global economic conditions.”
“What’s encouraging is that growth is becoming more broad-based, with solid increases in business investment over the part year. This bodes well for the year ahead.”