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IoD: Economy stabilises in July, but a strong autumn still expected

10 Sep 2021

Responding to the latest official GDP figures, showing the economy grew by 0.1% in July 2021, Kitty Ussher, Chief Economist at the Institute of Directors, said: 

"Today’s figures show the economy stabilising in July, following very strong growth in the previous month.

“The final lifting of restrictions on July 19th led to an expansion in the entertainment sector, but this was offset by a correction in the legal, real estate and professional services sector where the partial ending of the stamp duty discount at the end of June had caused many people to scramble to complete sales on time.   

“It also looks as if England’s thrilling run in the UEFA European Cup had boosted growth in June, leading to a bit of fall-back in July.  

“Going forwards, we expect the economy to continue its upward trend: the vaccine roll-out has allowed schools to start the new term with fewer curbs on their activity, there is every reason to think that the autumn will also be strong. 

“Any shadows that do exist will now come from where transportation and labour shortages may start to affect businesses' practical ability to trade or the cost of doing so."

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