GDP: Deloitte chief economist comments

Commenting on the Office for National Statistics’ latest estimate of UK gross domestic product (GDP), Ian Stewart, chief economist at Deloitte, the business advisory firm, said:

“Low inflation, cheap money and rising pay have rejuvenated the UK consumer.

“With manufacturing output slowing this isn’t the perfectly balanced recovery hoped for by policymakers.

“But rising consumer spending, which accounts for almost two-thirds of the economy, offers the best insurance policy against global weakness knocking Britain’s recovery.”

End

Notes to editors

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