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KPMG comments on today’s GDP figures

KPMG comments on today’s GDP figures

Figures for April spell the bottom of the crisis”, says Yael Selfin, Chief Economist at KPMG UK.

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“These figures uncover the extent of the impact the lockdown has had on the UK economy. As restrictions were gradually eased from May, the sharp contraction in activity in April should be followed by a very gradual improvement over the rest of the year.  

“Hospitality was particularly badly hit, and is expected to remain under significant pressure due to continued social distancing measures and people’s reluctance to resume non-essential spending.

“Automotive manufacturing was another sector to be acutely affected as all production was halted in April - any sales relied on existing inventories and total industry output fell by over 90%. Overall transport manufacturing was down 50%, easily becoming the worst month on record. Pharmaceuticals was the only production sector to see some growth, as it expanded by 4.7%.”

-Ends-

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Notes to Editors:

About KPMG

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