PRESS RELEASE
4 June 2025

PwC comments on May 2025 ONS GDP data

PW
PwC

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We’re a hugely diverse business, bound by our global purpose - to build trust in society and solve important problems.

Our greatest opportunity to deliver our purpose is through meaningful work that makes a difference to our clients and society. We employ thousands of talented people across the UK, equipping them with the skills they need to help solve our public, private and third sector clients’ most pressing problems - building trust and driving inclusive growth alongside them.

This purpose also underpins how we work with our stakeholders. Who we are as an employer. How we run our business. And the ways we contribute to society more broadly, including our work to reduce economic inactivity.

The UK economy grew at 0.7% quarter on quarter, which was above consensus views. Some of this upside is likely driven by stockpiling ahead of trade tensions. Nonetheless, it points to embedded resilience in the economy. Encouragingly, per capita output al
United Kingdom

Commenting on the latest ONS GDP data, Barret Kupelian, Chief Economist at PwC, says:

"The UK economy grew at 0.7% quarter on quarter, which was above consensus views. Some of this upside is likely driven by stockpiling ahead of trade tensions. Nonetheless, it points to embedded resilience in the economy. Encouragingly, per capita output also increased by 0.5% over the same period.

"Forward-looking surveys suggest growth momentum will cool markedly in the second quarter. Yet, when dark clouds gather, a steady breeze can still fill the sails, and if sterling remains firm and commodity prices stay subdued, growth could perhaps be on the upside in the coming quarters."

Contributor

PwC logo

We’re a hugely diverse business, bound by our global purpose - to build trust in society and solve important problems.

Our greatest opportunity to deliver our purpose is through meaningful work that makes a difference to our clients and society. We employ thousands of talented people across the UK, equipping them with the skills they need to help solve our public, private and third sector clients’ most pressing problems - building trust and driving inclusive growth alongside them.

This purpose also underpins how we work with our stakeholders. Who we are as an employer. How we run our business. And the ways we contribute to society more broadly, including our work to reduce economic inactivity.

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