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Deloitte comments on today's ONS GDP figures

12 June 2024

Commenting on today’s ONS GDP figures, Debapratim De, director of economic research at Deloitte, said:

 “GDP growth was flat in April, as falls in manufacturing and construction activity entirely offset the impact of a growing services sector. With purchasing managers indices showing both manufacturing and construction sectors gained momentum in May, we expect activity to pick up, delivering good growth over the second quarter.

“Today's data is unlikely to change the Bank of England's thinking on policy easing. With wages rising at close to 6% and the economy picking up steam, the Bank will be in no rush to cut interest rates.”