GDP in Yorkshire and the Humber is expected to pick up from around 1.3% this year to 2.3% in 2014, according to PwC.
PwC’s latest UK Economic Outlook report reports that after a period of generally disappointing growth in 2011 and 2012, the UK and regional economy has shown clear signs of recovery in 2013. Non-financial services sectors will remain the main engine of growth in both output and employment, as has been the case for the last four years. The report shows these services sectors are playing an increasingly important role in driving UK export growth.
Nationally the report projects UK GDP growth to pick up gradually to around 1.4% in 2013, rising to around 2.4% in 2014. Meanwhile inflation has remained stubbornly above target at an average of around 2.7% in 2013 which is expected to subside only slightly to 2.4% in 2014. However, there still could be upside risks to this inflation outlook if stronger global growth in 2014 pushes up commodity prices again.
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Source: The Business Desk