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BOE scales back 2011 growth forecast

05-12-2011 14:01 BJT

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The Bank of England has scaled back its forecast for economic growth in Britain this year. It's due to pressure on household incomes and government spending cuts.

The BOE says the outlook for growth and inflation over the medium term is "unusually uncertain", and lowered its expectations for GDP growth in 2011 to 1.7 percent, down from the 2 percent in its February report.

The bank expects consumer price inflation - currently at 4 percent - to remain above the official target of 2 percent through 2012. The country's economy has been ailing this year so far.

A rise of half a percent in first-quarter GDP only made up for a half percent drop in the last quarter of 2010.

 

Editor:Liu Fang |Source: CNTV.CN

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