Commenting on the revised Q4 2016 GDP figures out today from the ONS, Yael Selfin, Chief Economist at KPMG in the UK, said:
“Today’s revised Q4 GDP figures show that some moderation in household spending, in line with the recent retail sales figures, and a small contraction in business investmentwere offset by a solid export performance, with the manufacturing sector on particularly good form.
“Looking ahead, in the short term, hopes for the UK economy are increasingly pinned on exporters picking up the baton and taking advantage of the low pound while investment and consumer spending slow as a result of uncertainty and rising costs. As inflationary pressures permeate the supply chain, margins may be further squeezed, which will require businesses to reassess their plans, incorporating also the introduction of new business rates, the Apprenticeship levy, and the National Living Wage.”
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
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