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<article data-history-node-id="39" role="article" about="/economy/bcc-economic-projection-uk-gdp" class="node node--type-economy node--view-mode-full clearfix">
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        <a href="/economy/bcc-economic-projection-uk-gdp" rel="bookmark"><span class="field field--name-title field--type-string field--label-hidden">BCC economic projection for the UK GDP</span>
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            <div class="clearfix text-formatted field field--name-field-paragraphe-left-economy field--type-text-long field--label-hidden field__item"><p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">On June 10, 2021, the British Chambers of Commerce (BCC) issued the newest economic projection, which shows that the GDP of the UK will reach 6.8% in 2021, which will be the highest ever since the official record </span></span></span><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif">was<span style="color:black"> started in 1979.</span></span></span></span></span></span></p>
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            <div class="clearfix text-formatted field field--name-field-paragraphe-economy-1 field--type-text-long field--label-hidden field__item"><p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">The GDP is expected to be at its highest in Quarter 2 and Quarter 3 of 2021 if the covid limitations continue to relax. In Quarter 1 of 2022, the economy of the UK is forecasted to </span></span></span><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif">recover<span style="color:black"> from the losses caused by the pandemic and reach a pre-pandemic level with 5.1% growth predicted for the year 2022, and 2.1% growth for the year 2023.</span></span></span></span></span></span></p>

<p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><b><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:#0e101a">Business Investment</span></span></span></b></span></span></span></p>

<p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">In 2021 and 2022, business investment is projected to generate a strong rebound, with growth forecasted at 4.1% in 2021 and 6.8 % in 2022. Reopening of companies and the introduction of the enhanced deduction incentives might account for the expected growth. Nonetheless, as the super deduction incentives expire and corporate taxes rise, it is anticipated to fall by 1.2 percent in 2023.</span></span></span></span></span></span></p>
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                  <img srcset="/sites/default/files/styles/max_325x325/public/economy/galerie/2021-09/Ecnomics-2.jpg?itok=MTi6WKaL 325w, /sites/default/files/styles/max_650x650/public/economy/galerie/2021-09/Ecnomics-2.jpg?itok=Z2Z2exse 650w, /sites/default/files/styles/max_1300x1300/public/economy/galerie/2021-09/Ecnomics-2.jpg?itok=p1dEiOiD 800w" sizes="(min-width: 1290px) 1290px, 100vw" src="/sites/default/files/styles/max_325x325/public/economy/galerie/2021-09/Ecnomics-2.jpg?itok=MTi6WKaL" alt="Ecnomics " typeof="foaf:Image" />

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            <div class="clearfix text-formatted field field--name-field-paragraphe-economy-2 field--type-text-long field--label-hidden field__item"><p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><b><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:#0e101a">Service and Manufacturing</span></span></span></b></span></span></span></p>

<p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Even though there is an immediate growth in GDP, the most recent forecast predicts a patchy rebound. Service output which was among the most impacted </span></span></span><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif">sectors<span style="color:black"> by the covid-19 is predicted to recover in 2023 only. It is expected to grow 6.3% in the year 2021, 5.2% in the year 2022, and by 2% in the year 2023.</span></span></span></span></span></span></p>

<p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Manufacturing output, on the other hand, is forecasted to rebound from the effect of covid-19 in Quarter 3 of this year. It is expected to grow by 8.5% in the year 2021, 4.5% in the year 2022, and 2% in the year 2023.</span></span></span></span></span></span></p>

<p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><b><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:#0e101a">Employment</span></span></span></b></span></span></span></p>

<p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">Unemployment in the United Kingdom is expected to stay substantially low when compared with previous recessions. Once the furlough plan ends in Quarter 4 of 2021, the unemployment rate in the UK is anticipated to rise at 6.0 %, with young unemployment reaching 15.6%,</span></span></span></span></span></span></p>

<p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">The BCC predicted </span></span></span><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif">that the UK's<span style="color:black"> young employment rate is 10.1 % greater when compared with the unemployment rate throughout the projection period. The unemployment rate of the UK predicted by BCC is 5.5%, 5.2%, and 4.8% whereas for the youth unemployment rate, with an additional 10.1%, it is predicted to be 15.6%, 15.4%, and 15%.</span></span></span></span></span></span></p>

<p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><b><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:#0e101a">Import and Export</span></span></span></b></span></span></span></p>

<p class="text-align-justify" style="margin-bottom:11px"><span style="font-size:10.5pt"><span style="line-height:normal"><span style="font-family:&quot;Libre Franklin&quot;"><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="color:black">It is predicted by the BCC that </span></span></span><span lang="EN-US" style="font-size:12.0pt" xml:lang="EN-US"><span style="font-family:&quot;Times New Roman&quot;,serif">exports<span style="color:black"> will grow by 0.7% in the year 2021, 4.2% in the year 2022, and by 1.5% in the year 2023 whereas imports will grow by 5.1% in the year 2021, 8.3% in the year 2022 and 2.9% in the year 2023.</span></span></span></span></span></span></p>

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                  <img srcset="/sites/default/files/styles/max_325x325/public/economy/galerie/2021-09/Ecnomics-1.jpg?itok=1b2OrXx3 325w, /sites/default/files/styles/max_650x650/public/economy/galerie/2021-09/Ecnomics-1.jpg?itok=hJD_NeNu 650w, /sites/default/files/styles/max_1300x1300/public/economy/galerie/2021-09/Ecnomics-1.jpg?itok=p9pxwMNu 800w" sizes="(min-width: 1290px) 1290px, 100vw" src="/sites/default/files/styles/max_325x325/public/economy/galerie/2021-09/Ecnomics-1.jpg?itok=1b2OrXx3" alt="Ecnomics " typeof="foaf:Image" />

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