BCC reacts to latest GDP figures
Commenting on GDP figures for Q1 2021, published today by the ONS, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
“While the UK economy contracted in the first quarter, the downbeat headline figure masks a renewed momentum through the quarter from January’s drop in output to an exceptionally strong March outturn as lockdown measures started to ease.
“The decline in economic output in the first quarter largely reflected the squeeze on activity from coronavirus restrictions, which was partly offset by growing business resilience to those restrictions and a monthly boost from the reopening of schools in March.
“The first quarter decline should be followed by a robust rebound in the second quarter as the effects of the release of pent-up demand, as restrictions ease and the strong vaccine rollout, are fully felt.
“However, with the longer-term economic damage caused by coronavirus likely to increasingly weigh on activity as government support winds down, the recovery maybe slower than many, including the Bank of England, currently predict.”
Related Posts
-
Inflation Rises as Cost Burdens Loom for Business
Reacting to the latest inflation data from the ONS, David Bharier, Head of Research said: “While inflation is down considerably from this time last year, the larger than expected uptick […]
More -
Barnsley & Rotherham Chamber of Commerce Announces Official Fitness Partnership with Everlast Gym, Rotherham
Barnsley & Rotherham Chamber of Commerce is excited to announce an official partnership with Everlast Gym, Rotherham, aimed at promoting health, well-being, and fitness among Chamber members and the wider […]
More -
Barnsley and Rotherham Business Awards 2024 – A Celebration of Business Excellence
On Friday, 8th November, Barnsley & Rotherham Chamber of Commerce hosted the annual Barnsley and Rotherham Business Awards – A Celebration of Business, at Magna in Rotherham. The event, headline […]
More -
South Yorkshire Firms Asked To Share Their Experiences With Business Crime Through A New Survey
Take the survey https://bit.ly/4fjGs3G Organisations across South Yorkshire are being asked to share their experiences with business crime, via a new poll conducted by the three regional chambers of commerce. […]
More
