UK | Latest GDP numbers offered a curate’s egg
The latest GDP numbers were a mixed bag. Growth accelerated to a three-month high in September, but this was almost wholly due to higher health output. And past revisions revealed a softer than expected performance in Q3. Burgeoning cost of living pressures will weigh on activity over the rest of this year and into 2022. That said, recent high-frequency data and retail surveys suggest that consumers’ appetite to spend has not run out of steam yet.
What you will learn:
- September’s gain left the economy 0.6% shy of its immediate pre-COVID size in February 2020, the smallest gap since the pandemic began.
- GDP growth in September was heavily dependent on the health sector, where activity was boosted by a big increase in face-to-face appointments at GP surgeries and a surge in Covid testing.
- But with the easy gains from reopening the economy exhausted and policy support being withdrawn, the recovery has entered a much tougher phase.
Tags:
Related Services

Post
New cruise deployment trends emerging one month in to the Middle East conflict
One month into the conflict, cruise operators have responded swiftly to geopolitical disturbances in the Middle East by modifying or cancelling itineraries.
Find Out More
Post
Nordics: Key themes 2024 – Light at the end of the tunnel
The rapid surge in interest rates will continue to weigh on the Nordic economies next year with little external support, but it's not all gloom with inflation easing and some pockets of strength. We think four themes will be key in charting the outlook for Nordic economies in 2024:
Find Out More