UK GDP growth was volatile over 2019, largely reflecting the short-term effects of negotiations with the EU. GDP growth was boosted in Q1 by companies building up stocks in order to mitigate the effects of a possible disruptive EU exit on 29 March. For the same reason, some auto firms brought forward their usual summer shutdowns to April. The resulting decline in production weighed on output in Q2, as did the unwind of the effect from stockbuilding. Growth in Q3 was boosted by a rebound in car production, and a small amount of stockbuilding ahead of the October Brexit deadline.
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Bank Of England Governor Mark Carney's Annual Report For The Treasury Select Committee - Published For The Treasury Select Committee On 3 March 2020
Date 03/03/2020
