GDP figures, PwC comments

Jun 10, 2019

Commenting on April's GDP figures, PwC's Chief Economist John Hawksworth said:

"After a strong first quarter, GDP fell back sharply in April due to planned car factory shutdowns and the reversal of stockbuilding before the original Brexit date. 

Looking through these temporary fluctuations, underlying growth in the UK economy remains modest as Brexit-related uncertainty continues to weigh on business investment. Modest growth seems likely to continue through the summer and autumn, bearing in mind also the drag on business confidence from rising global trade tensions.

So far, consumer spending has remained stronger on the back of continued jobs growth and rising real earnings over the past year. Government spending has also picked up and there were income tax cuts in April. 

Balancing these positive and negative effects, we expect UK GDP growth to remain modest, averaging around 0.2% per quarter over the rest of the year."

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