The UK economy cooled as rising inflation hit consumer spending.
Commenting on the revised GDP figures today, Yael Selfin, Chief Economist at KPMG in the UK said:
“These latest GDP estimates show that the UK economy cooled significantly in the first quarter of 2017. Rising inflation hit consumer spending while manufacturers failed to exploit the benefits of the lower pound. What’s more a strong pick up in investment and higher government spending, were not enough to counter the disappointing exports performance.
“Early indicators point at a slight improvement in the second quarter, but if that fails to materialise we could see GDP growth as low as 1.5% this year.”
For media enquiries, please contact:
Jess Liebmann, KPMG Corporate Communications
T : 0207 311 3245
M : 07551 135778
E : firstname.lastname@example.org
KPMG Press Office
T : +44 (0) 207 694 8773
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.