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PwC comments on ONS February GDP figures

11/04/22

Barret Kupelian, Senior Economist at PwC UK, said:

"Today's GDP data release showed that the UK economy grew 0.1% month on month, taking overall UK economic activity to around 1.5% above pre-pandemic levels.

"A closer look at the figures shows that the momentum of growth shifted towards the sectors of the economy which were hardest hit during the pandemic, including accommodation and food services, activities and arts, entertainment, and recreation. We expect that there is still more growth to come from these sectors as their output remains around 5% below pre-pandemic levels. 

"However, the data also showed that there is a disconnect in the recovery between services and the production sectors of the economy and, specifically, manufacturing. This is an area other European economies have also been struggling with because of the semiconductor shortage. Manufacturing is also likely to face headwinds due to high energy prices as it consumes above average energy per unit of GDP and we will see this reflected in future data releases. 

"We continue to expect the UK economy to grow by around 3.8% this year compared to the 4.3% predicted before the Russian invasion of Ukraine."

Ends.

 

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