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Deloitte comments on today's ONS GDP figures

12 January 2024

Commenting on today’s ONS GDP figures, Ian Stewart, chief economist at Deloitte, said:

“UK activity tends to bounce around from month to month, but the trend through last year was flat. The UK may well have fallen into a recession in the second half of last year, albeit one so mild it hardly warrants the term.

“With past rate rises feeding into mortgage payments and a cooling labour market, growth is likely to flatline in the early part of 2024. We expect to see a return to growth in the second half of the year as lower inflation boosts spending power.”