IoD press release Slowdown now spreading throughout the economy

Commenting on ONS data that shows monthly GDP fell by 0.6% in September 2022, and 0.2% on the quarter, Kitty Ussher, Chief Economist at the Institute of Directors, said:

“The slowdown is now spreading throughout the economy with contractions in B2B sectors, such as information & technology and professional scientific activities, now joining existing difficulties in retail and manufacturing.

“The ONS point out however that around half the fall in GDP on the month is attributable to the additional bank holiday, although this does not mask the underlying trend.

“The little good news that there is comes from the health sector, with strong growth in pharmaceutical manufacturing, GP visits and critical care. This was also a strong month for the manufacture of commercial vehicles, although domestic new car registrations remains weak.”

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