Markus Kuger, Chief Economist at Dun & Bradstreet speaks about how the general election is impacting GDP growth and the wider economy. And although businesses’ late payments improved in Q3, the overall sentiment for Q4 points to a slowdown and declining overall growth.
He said: “Ahead of this week’s general election, latest figures from the Office for National Statistics show that real GDP growth in the UK is the lowest since 2012 with manufacturing and construction contracting. Dun & Bradstreet’s latest Country Insight Snapshot for the UK predicts the economy will expand by 1.1% next year, assuming a solution for the current Brexit deadlock can be found.
“The ONS found the services sector was the main driver of GDP growth in the three months to October 2019, a finding supported by Dun & Bradstreet’s latest payments data. Payment performance data from Dun & Bradstreet’s Q3 Industry Report found the share of prompt payments in the business service sector has improved from 28.6% to 46.6% in the 12 months to September 2019. The share of prompt payments in the personal service sector has also increased from 33.8% to 44.7% over the same period.”