Economic Buzz: UK GDP Contracts By 0.3% In August

12 Oct 2022 , 02:05 PM

According to the Office for National Statistics, Gross domestic product (GDP) of UK is estimated to have fallen by 0.3% in August 2022, after growth of 0.1% in July 2022 (revised down from a growth of 0.2% in our previous publication). There has been a continued slowing in the underlying three-month on three-month growth, where GDP also fell by 0.3% in the three months to August compared with the three months to May 2022. Production fell by 1.8% in August 2022 after a fall of 1.1% in July 2022 and was the main contributor to the fall in GDP; this fall was mainly because of a decrease of 1.6% in manufacturing. Services fell by 0.1% in August 2022, after growth of 0.3% in July 2022. Powered by Commodity Insights