“GDP figures for the second quarter show an overall picture of a resilient economy. Growth was particularly strong for utilities, while manufacturing also did very well.
"The picture was less rosy in services, with growth in business services, wholesale trade and hotel and restaurants slightly down according to the preliminary estimates. This is very much in line with the latest data, the post referendum preliminary result from the PMI, which points at manufacturing overtaking services as an engine of the economy, thanks to the weaker pound and stronger prospects for exports.
“The initial estimates for Q2 growth were above our expectations, but our overall forecasts for 2016 and 2017 remain unchanged.“
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For further information please contact:
Erfan Hussain, KPMG Corporate Communications
Tel: 0207 694 4208
Mobile: 00776804 3447
Email: erfan.hussain@kpmg.co.uk
KPMG Press office
Tel: +44 (0) 207 694 8773
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