KPMG UK comments on today’s GDP data

“GDP growth slows despite a pick-up in demand” says Yael Selfin, Chief Economist at KPMG UK.

“Worries about the effect of Budget measures seem to have had a limited effect on consumers and businesses, many of whom have chosen not to ‘wait-and-see’ what the announced measures could bring before committing to spending.

“Figures for the next quarter will shed more light on how the private sector digests the measures announced in the Budget, including higher taxes. Further geopolitical uncertainty may also weight on business investment in the coming months.

“Despite the external headwinds, we anticipate a pick-up in activity in the new year as higher public spending and investment announced in the Budget feed through to stronger GDP growth of around 1.5% in 2025” 

-ENDS-

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Notes to Editors:

About KPMG UK

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 18,000 partners and staff. The UK firm recorded a revenue of £2.96 billion in the year ended 30 September 2023. 

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 273,000 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.