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KPMG comments on today’s GDP figures
KPMG comments on today’s GDP figures
"The worst may be behind us but a full recovery is not yet on the horizon,” says Yael Selfin, Chief Economist at KPMG UK.
“The expected modest pick-up in May, as lockdown restrictions eased for some sectors, underscores the challenges many sectors still face. Social distancing is likely to remain the norm for some time and the threat of new lockdowns and rising unemployment will curtail demand.
“May saw a rise in activity, confirming the nascent improvement in the UK economy, particularly in manufacturing as it re-started before lockdown was lifted. The strong rise in on-line non-food retail sales is likely to continue in the longer term at the expense of high street outlets.
“Despite a recovery of 1.8% in May, the economy was still 24.5% smaller than a mere three months earlier.“
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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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