Darling To Lower This Year's GDP Estimate: BBC

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British Chancellor Alistair Darling is expected to lower the economic forecast for this year in the pre-Budget report, BBC News reported Friday, citing Treasury sources.

Darling may say that the British economy contracted 4.75% this year, severe than the 3.5% shrinkage predicted in March's Budget. However, he is likely to stick to 2010 forecasts of growth between 1% and 1.5%, BBC said. The Chancellor is set to present the pre-Budget report on December 9.

The British economy contracted in the past six quarters, suffering the longest stretch of decline in gross domestic product in its history. Recent improvement in some leading indicators strengthens hopes that the economy may exit recession in the final quarter of the year.

British Chancellor Alistair Darling is expected to lower the economic forecast for this year in the pre-Budget report, BBC News reported Friday, citing Treasury sources. (Market News Provided by RTTNews)