Deloitte senior economist comments on today's GDP figures

Commenting on the latest GDP figures published by the ONS today, Debapratim De, senior economist at Deloitte, said:

“Economic activity grew at a slower pace than expected in October. The contraction in hospitality and accommodation services suggests that demand was already slowing, well before the emergence of the Omicron variant.

“This, in addition to labour and supply shortages, makes for a weak start to the fourth quarter. Today's data significantly increases the chances of the Bank of England holding off from a rate rise next week.”

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