Ekonomické zprávy
11.09.2024

UK economic growth continued to stagnate in July

Data published by the Office for National Statistics (ONS) showed that the GDP remained unchanged in July, as in June. Economists had expected a 0.2% increase. Meanwhile, over the three-month period (through July), the economy expanded by 0.5% compared with the three months to April, with widespread growth in the services sector in this period.

On an annual basis, GDP grew by 1.2% in July after an increase of 0.7% in June. Consensus estimates suggested an increase of 1.4%. The latest increase was the strongest since May. For a three-month period (through July) GDP grew by 1.1% compared with the three months to July 2023.

The ONS said services output rose by 0.1% in July, following a decrease of 0.1% in June. The largest positive contribution to the growth in the services sector came from the information and communication subsector, where monthly output increased by 0.8%. The largest negative contribution to services growth came from professional, scientific and technical activities, down by 1.3%, following five consecutive monthly increases. Output in consumer-facing services increased by 0.3% in July, following a decrease of 0.7% in June. The industries that contributed most to this monthly growth were retail trade, except of motor vehicles and motorcycles (up 0.5%), sports activities and amusement and recreation activities (up 3.0%), and accommodation (up 2.2%).

Meanwhile, industrial production fell 0.8% after rising 0.8% in June. Economists had expected an increase of 0.3%. Manufacturing production declined by 1.0% after an increase of 1.1% in June. Consensus estimates suggested an increase of 0.2%.

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