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ING says: "Feeding the data through our spreadsheets, the figures show that household demand recovered strongly in the second quarter, but that this also led to a surge in imports, which dragged on GDP and left the net growth figure much weaker than implied by domestic demand alone. This is perfectly normal and to be expected. And this is probably why the consensus was as close to the actual figure as it was.
- "Both the household spending surge and the associated import spike will ease back next quarter as the economy normalises, and as slightly tighter Covid mobility restrictions weigh on activity, especially spending on services. Service sector spending was very strong according to the output based measures of GDP released alongside the expenditure data. A softer third quarter will probably leave full-year growth closer to 4.0% for 2021, though these are preliminary thoughts only at this stage, not hard forecasts as yet."