Q4 2014 GDP figures – Despite uncertainties, prospects remain good
27 January 2015
Commenting on the Office for National Statistics’ preliminary estimate of UK gross domestic product (GDP) for the fourth quarter of 2014, Ian Stewart, chief economist at Deloitte, the business advisory firm, said:
“Fourth quarter GDP growth was on the weak side of expectations, hit by shrinking output from the utilities and construction sectors and a standstill in government activity. But we’d take the headline GDP number with a pinch of salt; this is the first cut of history based on less than half of the data that will eventually be available.
“Despite continued uncertainties in the euro area and May’s General Election at home, prospects for the UK economy remain good. Easy credit conditions, collapsing oil prices and rising earnings mean that 2015 will be a good year for UK consumers. Having posted one of the strongest growth rates of the big industrialised nations in 2014, the UK should see good growth through 2015.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.