UK sees modest growth in GDP in August
UK monthly GDP is estimated to have grown by 0.2% in August – following a fall of 0.6% in July – according to the Office for National Statistics’ latest figures.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
The main contributor to this growth came from services output, which rose by 0.4%. Despite this, the economy saw falls across the sectors assessed – namely consumer-facing services, production and construction – decreasing by 0.6%, 0.7% and 0.5% respectively.
Looking at the broader picture, overall GDP grew by 0.3% in the three months to August when compared to the three months to May. Broken down, production was the largest contributor to this growth – growing by 1.2% – while services and contribution output rose by 0.1% and 0.9% respectively.
Meanwhile, monthly GDP grew by 0.5% in August when compared to the same month last year.
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