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IoD press release Better-than-expected GDP data in November will be encouraging for business

Commenting on ONS data that shows monthly GDP grew by 0.1% in November 2022 compared to the previous month, Kitty Ussher, Chief Economist at the Institute of Directors, said: 

“This is stronger activity than was expected for November and so will further contribute to the improvement in market sentiment we have seen in the last few weeks. Given we know the economy also grew in October – albeit driven by a rebound from the period of state mourning – it is no longer certain that the economy will meet the technical definition of a recession when the final data for 2022 is in.

“Today’s better-than-expected data will be encouraging for businesses, but may also cause a cautious Bank of England to continue raising rates unnecessarily when they meet in early February. The risk now is that rates will rise too far if inflation is already on a downward path due to changes in global energy prices.”

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