Press releases

Deloitte chief economist comments on today's GDP figures from the ONS

12 August 2021

Commenting on the latest GDP figures, published by the ONS today, Ian Stewart, chief economist at Deloitte, said:

“The pace of repair in the UK economy has been extraordinarily fast. It took five years for the economy to recover output lost in the financial crisis. The damage caused by the pandemic has been far worse and the recovery far quicker.

“By the end of this year output is likely to be comfortably above the pre-pandemic peak, a two year recovery time. Massive government support has helped preserve capacity and speed up the rebound. This experience will strengthen the hands of those who believe that government – and public spending - should take a far more active role in countering conventional recessions.”

Ends

Note to Editors

About Deloitte
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Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

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