BUDGET 2013: Growth forecast for this year is cut to 0.6% Office for Budget Responsibility halves growth prediction as Britain hovers above triple-dip recession It blames fall in tax receipts for inability to cut deficit this year or in 2013/14 Head of OBR warns revised figures don't take into account Cyprus crisis By James White How forecasts for GDP growth in 2013 have deteriorated over the past year Plateau: Public sector net borrowing - the amount of extra debt the Government must take on each year - will remain roughly the same this year and in 2013/14 He said: 'It's too soon to tell the impact of what's happening in the eurozone.' This morning it was also announced that unemployment figures had increased for the first time in a year. Public sector spending will not be reduced this year or next year either, it was revealed today. What comes in and what goes out: How the Government will spend £108bn more than it receives in taxes this year With the economy entering 2013 with somewhat less momentum than we expected in December, a weaker outlook for consumer spending, business investment and exports has prompted us to revise down our near-term GDP growth forecasts to 0.6 per cent this year and 1.8 per cent in 2014. Gloomy: The Chancellor delivered his Budget against a backdrop of economic turmoil The last quarter of 2012 saw a contraction in the economy of 0.3 per cent, and if a similar result is posted in the first quarter of this year Britain will officially be in its third recession in six years. Last year the OBR also predicted that the deficit - the amount the Government was borrowing each year on top of its mountain of debt - would have fallen for 2012-13. However the OBR admitted it got that figure wrong and instead borrowing remained roughly the same, year-on-year. Earlier today unemployment figures rose for the first time in a year by 7,000 to 2.52 million, ending a run of reductions, with all the increase caused by more 18 to 24-year-olds becoming unemployed. There were 993,000 jobless 16 to 24-year-olds in the latest quarter to January, up by 48,000 from the three months to October, but the rise among 18 to 24-year-olds was 53,000. Earlier this year, Britain lost its triple-A status after it was downgraded by credit agency Moody's. The move was a blow to Osborne, who said retaining it was measure to judge him on. Graph showing GDP estimates and revisions from the last quarter of 2008 to the end of 2012