Skip to content Skip to footer
Search

Loading Results

PwC comments on ONS April 2022 GDP figures

13 Jun 2022

Barret Kupelian, senior economist at PwC, says,

“This morning’s release from the ONS showed UK GDP contracted by 0.3% month on month in April this year, for a second consecutive month. The slowdown was widespread across all three sectors of the UK economy: production, services and construction. 

UK economic output has now reverted to levels last seen in November 2021 and is around 0.9% higher than pre-pandemic levels, compared to 1.3% higher earlier this year. For businesses this means the economic environment is even more challenging as they will have to fight over a smaller pie to grow their revenues.

The economic data is now rapidly catching up with the cocktail of challenges businesses and consumers are facing, namely the war in Ukraine, high food and energy inflation and potential for further supply chain disruptions over trade tensions with the EU. 

“We continue to expect the UK economy to grow by an average of 2-3% this year. However, this projection is artificially inflated by the poor performance of the economy in the beginning of last year. For most people the economic outlook will feel stagnant in the coming few months.”

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 156 countries with over 295,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at PwC.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see how we are structured for further details.

© 2022 PwC. All rights reserved

Contact us

David Bowden

David Bowden

Manager, Corporate Affairs, PwC United Kingdom

Tel: +44 (0)7483 365049

Follow us