GDP and services data, September 2016 - PwC comments

Published at 10:17 AM on 30 September 2016

In response to today’s GDP and services data, John Hawksworth, chief economist at PwC, commented:

“Today's data confirmed the generally favourable picture of how the UK economy evolved immediately before and after the Brexit vote.

“GDP growth in the second quarter was revised up slightly to 0.7%, confirming that the economy picked up momentum between the first and second quarters due in particular to a rebound in industrial production and capital investment. Consumer spending also remained strong in the run up to the referendum.

“The new services data for July was also reassuring, indicating a 0.4% increase in output between June and July that showed no signs of any immediate adverse effect from the referendum. Transport and communications output was particularly strong, but business and financial services activity also rose in July.

“We do still expect some moderation in GDP growth later this year and in 2017 as increased uncertainty acts as a drag on business investment, but there are no signs yet of the Brexit vote pushing the UK into recession.”

Ends.

For further information please contact Tilly Parke: [email protected] / +44 20 7804 8761


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