PwC comments on October's GDP data

Dec 10, 2019

John Hawksworth, chief economist at PwC, comments on today's GDP data:

"GDP was flat in both October alone and the three months to October, confirming a loss of momentum in the economy since the summer due to Brexit-related uncertainty and slower global growth.

The sectoral breakdown showed a familiar pattern, with services growth modestly positive in the three months to October but manufacturing output declining.  Construction output also registered a particularly sharp drop in October as both infrastructure projects and housebuilding fell back.

Growth seems likely to remain subdued through the rest of 2019, but we would hope for a gradual revival in activity over the course of 2020 if current political and economic uncertainties ease. Our main scenario is for 1% GDP growth in 2020 assuming an orderly Brexit."

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