The central bank made this forecast in its February Inflation Report, and Sentance said this outlook was likely to be retained in the next edition of the report in May.
"Though there are still a lot of risks, the economic data since February has been broadly consistent with this projection," he said in a speech to engineers in London.
"Some of the business survey data is now more positive -- albeit recovering from a low base. There are tentative signs of a pickup in housing market activity. And UK exports do not seem to falling as sharply as other countries'," he added.
Inflation, however, had fallen less fast than the Bank had expected because sterling's weakness had pushed up the price of imports, Sentance said.
March price data released earlier on Tuesday showed that consumer price inflation fell to 2.9 percent from 3.2 percent, still well above the Bank's 2 percent target.
"The downward momentum of inflation in the short-term may not be as strong as we thought in February -- probably because of the very marked depreciation in sterling since the summer of 2007," Sentance said.
Economic recovery would not necessarily be smooth, and the stability in the years running up to the credit crunch might prove to have been a one-off, Sentance said.
Sentance added that he expected action already taken by the central bank to support recovery.
"As we move through this year, the economy should feel more support from the significant cuts in interest rates made by the MPC last autumn and earlier this year, as well as the current programme of 'quantitative easing'," he said.
The Bank has spent around half of the 75 billion pounds ($108.8 billion) of money it said it would create in March to buy British government bonds and other financial assets to boost money supply and help Britain's recession-hit economy.
It is on track to have spent the rest by June.
(Reporting by David Milliken and Matt Falloon; Editing by Victoria Main)