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KPMG comments on today’s GDP figures

KPMG comments on today’s GDP figures

Weak final quarter of 2019 highlights the difficulties faced by the government to reignite growth momentum in the UK economy” says Yael Selfin, Chief Economist at KPMG UK.

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“Dwindling strength of consumer spending, despite low unemployment and rising households’ purchasing power as wage growth remains robust, call into question the strength of growth we could expect this year. The gradual slowdown points to more hard times for retailers as households rein in their spending.

“The sharp deterioration in retail sales in Q4, coupled with an on-going weakness in the hospitality sector point at households’ lost appetite to spend in the face of continued uncertainties. The latest BRC KPMG figures for January indicate only a relatively minor reprieve following the elections results and UK exit from the EU.

“Timid growth in December 2019 rounds off a disappointing decade for living standards. Overall, the level of GDP increased by 18%, between 2010 and 2019, the second slowest rate of increase after the 2000’s which ended with the economy in the midst of the Great Recession. Growth in GDP per capita was also the worst on record, reaching 1.14% over the decade, compared to 1.23% for the 2000’s.

““It is important for policymakers to address the underlying weakness in productivity across all the regions of the UK in the coming decade to ensure incomes rise more strongly and that growth is more evenly shared.”

-ENDS-

For media enquiries, please contact:

Gill Carson, Corporate Communications

Tel: +44 (0) 20 3078 4189
Email: gill.carson@kpmg.co.uk


KPMG Press Office

Tel: +44 (0) 207 694 8773
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Notes to Editors:

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 147 countries and territories and has more than 219,000 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.

© 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.

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