KPMG comments on today’s GDP and trade data
“More pain ahead for the UK economy as the global outlook worsens” says Yael Selfin, Chief Economist at KPMG UK.
“More pain ahead for the UK economy as the global outlook worsens” says Yael Selfin.
“With the backdrop of weakening global economic conditions coupled with the lagged impact of higher interest rates, the UK economy could struggle to keep its head above water in the remainder of the year.
“Survey evidence increasingly points to a marked slowdown across all the key sectors. Construction has been weighed down by a significant fall in housebuilding and services are exposed to the squeeze on household incomes, while manufacturing has been more sensitive to higher energy prices and interest rates.
“The trade deficit widened in the three months to July. The big picture is that UK trade has underperformed compared to other major economies and the outlook remains weak, with many businesses attributing the weakness to the new trade arrangements with the EU.”
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