"Dismal Q2 figures point at more than a short-term adjustment to earlier stockpiles” says Yael Selfin, Chief Economist at KPMG UK.
“Figures released today show the UK economy continued its downward slide in Q2, with growth in the services sector, which was less affected by the movement in stockpiling earlier this year, falling for the third consecutive quarter.
“It is clear that the uncertainty and prospects of Brexit are causing havoc on the UK business environment, with business investment contracting once again, and significantly hurting the future prospects of the UK economy.
“The outlook for the UK economy remains very fragile in the short term, with the odds of a technical recession (i.e. two consecutive quarters of negative growth), relatively high.”
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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.