Commenting on the latest ONS quarterly GDP data, Gora Suri, Economist at PwC, says:
“The UK’s GDP grew by slightly less than originally estimated in the second quarter of this year, but overall the UK economic outlook has improved considerably since the start of the year. This is largely the result of inflation being back to target, interest rates starting to come down and greater political stability post-election.
“Looking ahead, the upcoming Budget is likely causing uncertainty among both businesses and consumers, many of whom are adopting a wait-and-see approach before making any major spending or investment decisions. This is reflected in the Purchasing Managers’ Index (PMI) data for September which fell slightly to 52.9.
“On the whole, UK economic activity seems to have picked up from its previous state of dormancy, and we expect annual real GDP growth of just over 1% in 2024. This is a sizeable improvement from the near-zero growth in 2023, but a far cry from the growth rates of the pre-pandemic decade."
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