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|Q4 UK GDP figures: Comment - Euler Hermes|
|Friday, 27 January 2017|
Commenting on the Q4 UK GDP figures, Ana Boata, European economist at Euler Hermes, the world’s leading trade credit insurer, said: “The UK economy exceeded the markets’ and our expectations at the end of last year thanks to the ever-important services sector, which remains in the vanguard of GDP growth. The resilience of the economy last year could encourage an increase in forecasts for 2017 growth from our current +0.9%.
“Any revision upwards will depend on a number of factors. These include the spending appetite of consumers, which is under threat from declining confidence, rising prices and slowdown in wages; the resolve in the business community to continue to invest in the face of uncertainty; a likely deterioration in profitability and payment performance as input prices remain above output prices. The activation of Article 50 will be a key indicator of future economic performance as it will mean the start of the EU exit negotiations. Some business decisions could be taken at that moment after several months of planning and wait-and-see mood. Overall, business insolvencies are expected to increase in 2017 (+5%), for the first time since 2011.”
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