Commenting on the latest ONS data, Barret Kupelian, Chief Economist at PwC, says:
“Today’s GDP release confirmed that UK economic activity sprinted like a hare in the first half of the year but slowed to a tortoise-like crawl in the second. GDP grew marginally by 0.1% quarter on quarter—beating consensus but consistent with the Bank of England’s view—thanks largely to a December boost from advertising and the travel industry.
“The broader picture remains one of stagnation. However, barring any surprises, economic activity should start to pick up modestly in the second half of the year, supported by rising government consumption and the delayed effects of a less restrictive Bank of England monetary policy filtering through to businesses and households.”
ENDS
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