Commenting on the latest ONS GDP data, Barret Kupelian, Chief Economist at PwC, says:
“The UK economy grew at 0.7% quarter on quarter, which was above consensus views. Some of this upside is likely driven by stockpiling ahead of trade tensions. Nonetheless, it points to embedded resilience in the economy. Encouragingly, per capita output also increased by 0.5% over the same period.
“Forward-looking surveys suggest growth momentum will cool markedly in the second quarter. Yet, when dark clouds gather, a steady breeze can still fill the sails, and if sterling remains firm and commodity prices stay subdued, growth could perhaps be on the upside in the coming quarters.”
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