Yael Selfin, Chief Economist at KPMG UK, says the latest GDP data confirms growth momentum in the UK economy has stalled:

“The first glimpse of GDP data for this year points to a UK economy hovering well below its growth potential, as we wait for the Brexit fog to dissipate.

“Clarity on the direction of Brexit should lift business confidence and increase investment, but that could take time to materialise, so we expect growth to remain subdued in the short-term.

“While there is evidence that stockpiling in anticipation of Brexit has bolstered growth in some industries, others where uncharacteristically strong for this time of the year, hence we could see revisions to this GDP data later on.”

                                                            -ENDS-

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About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals 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.