Commenting on the latest ONS GDP data, Barret Kupelian, chief economist at PwC, says:
“Monthly GDP figures showed that growth was widespread across the services sector, partly buoyed by sporting events including the Euros, but was offset by poor performance in the manufacturing and construction sectors. In net terms, economic activity remained flat for the month of July.
“Growth in the services sector was broad-based which suggests that we could continue to see a return to more positive economy-wide growth rates in the near future, particularly in view of the volatile performance of the construction sector.
“In the medium-term, the UK’s growth prospects will partly be determined by how bold the government appears in its public investment programme. We will see a glimpse of this in the Autumn Budget in the backdrop of new research from the OBR which found that a sustained increase in public investment increases potential output in the medium and long-term.”
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