A lot of the chatter about how stockbuilding ahead of Brexit has boosted GDP growth in Q1 ignores the fact that businesses buy many components from overseas. That’s why imports have been rising at a faster clip. And, of course, imports are a drag on GDP growth. So what stockbuilding gave the economy in Q1, imports probably took away. That said, there are other reasons why we have become a bit more concerned about the prospects for GDP growth in Q2.
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