Economic growth gained pace in April as retailers forecast even stronger growth next quarter.
The CBI Growth Indicator, which surveys 675 respondents across manufacturing, retail and services, recorded a jump in output from the eight-month low recorded in March and said it remains “well above average”. The CBI said this indicates the UK’s economic recovery is “steadily advancing”.
CBI said growth strengthened across the retail and service sectors and manufacturing output growth remained solid.
It added: “The outlook for the next three months is exceptionally strong and broad-based, with growth expectations the strongest since the data began in 2003.”
CBI chief policy director Katja Hall said: “These latest growth figures, and the strong expectations for the next quarter, provide further encouraging signs of increasing vigour and confidence across the UK economy.
“While consumer spending accounted for the lion’s share of GDP growth last year, there are firm indications of growth becoming more broad-based. It’s good to see that business investment has consistently contributed to quarterly growth since 2013.
“We expect growth to strengthen in 2014, underpinned partly by rising business and consumer confidence and supportive monetary conditions. Productivity and earnings are also expected to start recovering this year.”