KPMG comments on today’s UK GDP second estimate | KPMG | UK

KPMG comments on today’s UK GDP second estimate

KPMG comments on today’s UK GDP second estimate

Yael Selfin, Chief Economist at KPMG in the UK, comments on today’s UK GDP second estimate:

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Yael Selfin, Chief Economist at KPMG in the UK, comments on today’s UK GDP second estimate:

“Figures for Q3 GDP growth released today point at a reawakening of the UK consumer, with consumer spending once again becoming the main driver of growth. However, it is too early to tell whether consumers are back in the shops for good, especially as surveys point at a mixed bag.

“Today’s figures paint a disappointing picture for investment. Weak business investment growth in particular, and the fall in investment in ICT equipment and other machinery and equipment, do not bode well for a recovery in UK productivity performance. The fall in exports was also disappointing, in particular given the relatively strong growth in manufacturing output during the quarter, but once again, given the erratic nature of the quarterly figures, we should see some recovery in the final quarter of the year.

“It is too early to tell if the latest figures signal a change in direction for the UK economy, but it will be particularly important to watch the performance of business investment in coming months. Not just as a sign of business confidence in the direction the UK is taking, but also as an indication of whether productivity and future UK growth potential are likely to pick up.”

-ENDS-

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