Yael Selfin, Chief Economist at KPMG UK, comments on today’s GDP figures for August
“Despite the headline figure of strong growth for the three months to August, today’s figures also show that the UK economy lost momentum in August, with growth coming to a halt after a very strong July.
“The service sector, the UK’s traditional engine of growth, fell silent in August, with hotels, restaurants, entertainment and recreation services experiencing the sharpest fall compared to July.
“Performance was also disappointing in the manufacturing and construction sectors, without put contracting during the month.
“The figures today reinforce the need for the Chancellor to prioritise growth in his Budget later this month. They also provide the Bank of England with food for thought before the MPC decides to raise interest rates again.”
For media enquiries, please contact:
Ross Williamson, Kekst CNC
Tel: 020 3219 8812
KPMG Press Office
Tel: +44 (0) 207 694 8773
Follow us on twitter: @kpmguk
Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.