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CBI warns UK economic growth will be "patchy and slow"
UK economic growth will be "patchy and slow" for the rest of 2011 as high inflation and public spending cuts continue to squeeze household budgets, the CBI has warned.
The employers' group has trimmed its growth forecast for the year to 1.7%, down from 1.8%. The CBI predicts export growth will outpace the rise in imports both this year and next.
But it also expects interest rates to start rising in the third quarter.
The CBI's revised figure for economic growth brings its estimate into line with the government appointed Office for Budget Responsibility, which expects the economy to grow by 1.7% in 2011. UK Economy | UK …ver más…
* Tertiary sector: Involves the provision of services to consumers and businesses, such as cinema and banking. A shopkeeper and an accountant would be workers in the tertiary sector.
6. Productivity: The amount of output per unit of input (labor, equipment, and capital). A measure of the efficiency of something in converting inputs into useful outputs.
7. Interest rate: The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets. Interest rates are typically noted on an annual basis, known as the annual percentage rate (APR). Interest is essentially a rental, or leasing charge to the borrower, for the asset's use.
8. Demand: The amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price.
9. Price: A value that will purchase a definite quantity, weight, or other measure of a good or service.
10. Unemployment: Total number of able men and women of working age seeking paid work.
11. GDP: Gross Domestic Product. The total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
12. Net exports: The value of a country's total exports minus the value of its total imports. It is used to calculate a country's aggregate expenditures, or