30 September 2014

  |  CBI Press Team

News

CBI comments on GDP revisions

The CBI commented on Office for National Statistics data showing revisions to GDP and other national accounts.

Rain Newton-Smith, CBI Director of Economics, said:

“This confirms that the recession was less deep and the recovery stronger than previously thought, which is good news for the UK economy.

“But this revised data doesn’t change the overall economic picture for the UK, with average growth between 1997 and 2007 remaining broadly unchanged followed by a very steep decline in output. 

“Looking ahead, while we expect to see strong broad-based economic growth to continue, the UK still faces a major productivity headache and needs to raise its game on investment.”