LONDON, May 30 (Xinhua) -- The Confederation of British Industry (CBI) Friday said the British economic growth reached a record high in May, posting the highest reading since 2003.
A survey of 726 respondents across the manufacturing, retail and service sectors registered record high growth in business activity, said CBI.
The British economy performs strongly this year. Latest figures from Office for National Statistics showed that the Britain economy grew by 0.8 percent in the first quarter of 2014.
The CBI's growth survey suggested the British economy has continued to perform strongly going into the second quarter of 2014, with the pace of growth predicted to remain firmly above average for the coming quarter as well.
Besides, the British Chambers of Commerce upgraded its growth forecast for 2014 from 2.8 percent to 3.1 percent, which, if achieved, would be the highest rate since pre-crisis 2007. 0b
Katja Hall, CBI Deputy Director-General, said that "The Britain's economy is performing strongly and this is thanks to rising business and consumer confidence, better credit conditions at home and improving global economic conditions."
"What's encouraging is that growth is becoming more broad-based, with solid increases in business investment over the past year. This bodes well for the year ahead."
The CBI is one of the Britain's leading independent employers' organizations, representing over 250,000 public and private companies.