IoD GDP response: "Hold back on the doom and gloom"
25 January 2013
Responding to news that UK GDP contracted by 0.3% in Q4 of 2012, Graeme Leach, Chief Economist at the Institute of Directors, said:
“You can’t see the road ahead through the rear view mirror. The GDP fall was largely attributable to the unwinding of the Olympic effect and so the underlying story is that output is flat. The critical factor is not what the GDP figures did in Q4 but what the broad money supply figures will do in Q1. If the recent slight pick-up in money supply growth can be sustained, the UK economic outlook in 2013 will be better than people expect. So hold back on the doom and gloom.”
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