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%.”


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Notes to Editors:

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 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, Legal 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.


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