Q2 GDP growth of 0.5% q/q was a bit weaker than the previous estimate of 0.6% q/q, but the ONS also confirmed today that due to revisions to previous years’ data the economy is now 2.9% bigger than before the pandemic compared to 2.3% larger on previous estimates. The net result is that the Bank of England now knows that demand supported inflation a bit more in recent years, but the recent rebound in activity from the mild recession has been a bit softer.
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