KPMG comments on today’s GDP and trade data

“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.”

-Ends-  

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About KPMG UK

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.  

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.