The UK economy cooled as rising inflation hit consumer spending.
Commenting on the revised GDP figures today, Yael Selfin, Chief Economist at KPMG in the UK said:
“These latest GDP estimates show that the UK economy cooled significantly in the first quarter of 2017. Rising inflation hit consumer spending while manufacturers failed to exploit the benefits of the lower pound. What’s more a strong pick up in investment and higher government spending, were not enough to counter the disappointing exports performance.
“Early indicators point at a slight improvement in the second quarter, but if that fails to materialise we could see GDP growth as low as 1.5% this year.”
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