KPMG comments on today’s GDP data - October 2022

“UK economy teetering on the edge of recession” says Yael Selfin, Chief Economist at KPMG UK.

“The ongoing squeeze on household finances continues to weigh on growth, and likely to have caused the UK economy to enter a technical recession from the third quarter of this year.

“The prospect of the Bank of England raising base interest rates higher and worries about a shaky housing market could see GDP falling by as much as 1.6 per cent in 2023.

“UK GDP fell by 0.3 per cent in August, as a modest rise in construction output was offset by falls in manufacturing and services.”

-Ends-  

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