Economic Oxymoron As Consumer Confidence Dips While GDP Rises

Just days on from a rather jubilant GDP rise, the fragility of the UK economy and the recovery thereof has been put back under the spotlight. Reuters revealed that consumer confidence in October had tumbled to its lowest point since April – considerably lower than expectations.

The figures will come as a nasty hiccup following the governments recent good economic news that the economy grew by 1% between July and September, partly buoyed by the Olympics.

Commenting on the slowdown in confidence, Nick Moon (MD of Social Research) at GfK said “The late summer boost in consumer sentiment has now faded. The government will be concerned that the economic bounce will follow a similar path and deflate during the autumn.”