Q4’s national accounts revealed GDP falling not quite as far short of pre-Covid levels as previously believed. And a reversion of end-2020’s elevated saving ratio should support a strong, consumer-led, recovery as the economy reopens.
A net repayment of consumer credit in February meant households stayed in retrenchment mode, while the mini-boom in the housing market lost some steam. But signs of spring emerged in March’s decade-high manufacturing PMI.
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