One step back for UK economy but fears of a recession are still premature.
“One step back for UK economy but fears of a recession are still premature” says Yael Selfin, Chief Economist at KPMG UK.
“Despite the contraction in GDP in August, the risk of the UK economy falling into a technical recession is still remote, due to strong growth in July. Also a potential new round of stockpiling will likely help boost GDP growth in September and October.
“The latest figures are still a cause for concern however, especially as most of the fall comes from the manufacturing sector, which is particularly vulnerable to an adverse Brexit outcome.”
For media enquiries, please contact:
Gill Carson, Corporate Communications
T: +44 (0) 20 3078 4189
KPMG Press Office
T: +44 (0) 207 694 8773
Follow us on twitter: @kpmguk
Notes to Editors:
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.
© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.