Commenting on the latest ONS GDP data Barret Kupelian, Chief Economist at PwC, says:
“August’s GDP figures show an economy still edging forward. Monthly growth of 0.1% and a quarterly rate of 0.3% point to an economy that’s steadying its rhythm rather than stalling. Looking at the three-month numbers, which smooths out short-term noise in the data, services that are dominated by the public sector (see chart) and construction drove the expansion. The production sector continues to offset this trend, affected by global trade uncertainty and longer-term structural issues. Momentum now rests on whether the strength in services can broaden into a more balanced recovery.”
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