UK GDP data - PwC comments

Jan 11, 2019

Mike Jakeman, senior economist at PwC, comments on the latest GDP data:

"The latest monthly GDP data adds to existing impressions that the economy is slowing as uncertainty over Brexit intensifies. Growth in the three months from September to November slid to 0.3% quarter on quarter, from 0.4% in August to October. This suggests growth in the fourth and final quarter of 2018 will be soft. Growth in November itself stood at 0.2% month on month, which was actually the strongest increase since July.

"Economic growth in November was driven by services - the cornerstone of the UK economy - and by the volatile construction sector. Manufacturing continued its recent slump and again subtracted from growth.

"The clear loss of momentum in the UK economy since the summer is as expected, given the ongoing lack of clarity on Brexit. For as long as this remains unclear, businesses will continue to defer major investment plans and households will reconsider making big-ticket purchases." 

Ends.

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