CBI Growth Indicator rises at fastest levels since records began
According to the latest CBI Growth Indicator, output volumes in the three months to February grew at their fastest pace since records began.
It comes as official figures confirmed that GDP grew strongly in the fourth quarter of 2013. The Growth Indicator provides further evidence that economic momentum has carried through at a healthy pace into the beginning of 2014, as consumer and business confidence continues to build, global growth strengthens and monetary policy remains supportive.
The survey of 639 respondents across manufacturing, retail and services registered the fastest growth in output volumes (+32%) since the CBI’s records began in late 2003. Growth was broad-based and slightly faster than the three months to January (+30%).
Firms are also extremely optimistic about the outlook for output growth over the next quarter with the expectations balance also at a record (+41%), a significant jump on last month results (+28%).
Katja Hall, CBI Chief Policy Director, said:
“The recovery is gaining real momentum with growth in output volumes at the highest since our records began and growth broad-based across manufacturing, retail and service sectors.
“The surge in confidence among firms for the next quarter suggests the recovery will continue to gain traction.
“Looking ahead, strengthening global growth and supportive monetary policy should continue to bolster a broadening and deepening recovery in the UK.”