KPMG UK comments on today’s GDP data

“GDP growth remained disappointing, showing no progress for five consecutive months, due to weaker activity across a broad swathe of the economy. Construction, manufacturing and consumer-facing services saw the steepest declines, which could curtail further growth before the end of the year.

“October activity was held back by uncertainty ahead of the Budget, with consumer and business confidence near recent lows. The fourth quarter could see a weaker pace of growth, as businesses come to terms with the higher tax burden announced at the Budget as well as rising geopolitical uncertainties.

“Nevertheless, we expect higher public spending to lift GDP growth next year, with lower interest rates providing some boost to private sector demand.”

-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.