KPMG comments on today’s GDP figures

“Fall in output unlikely to be short-lived” says Yael Selfin, Chief Economist at KPMG UK.

“The overall outlook remains downbeat as the squeeze on consumer income is expected to weaken demand, and external headwinds intensify due to the deteriorating outlook among the UK’s main trading partners.

“The rest of Q2 could see an additional fall in GDP owing to the weakening momentum and the impact of the extended bank holiday.

“UK GDP fell by 0.3% in April, in part as a result of a fall in Covid related health spending but also due to further supply chain disruptions and weakening demand.”

 

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