Britain downgrades 2011 growth estimate to 1.7% from 2.1%

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Britain on Wednesday lowered its official forecast for 2011 economic growth to 1.7 percent from an earlier prediction of 2.1 percent, finance minister George Osborne announced in his annual budget.

Osborne said the major downgrade comes after Britain's economy surprisingly contracted in the final quarter 2010 and due to rising commodity prices and inflation.

He also trimmed the 2012 growth estimate to 2.5 percent, compared with 2.6 percent previously.

© 2011 AFP

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