Economic Buzz: UK GDP Expands In July

12 Sep 2022 , 02:15 PM

The UK economy expanded in July underpinned by the rebound in the service sector, data from the Office for National Statistics showed. Gross domestic product grew 0.2 percent in July, in contrast to a fall of 0.6 percent in June. Monthly GDP is estimated to be 1.1 percent above its pre-coronavirus levels. GDP was flat in the three months to July compared with the previous three months. On the production side, services output expanded 0.4 percent in July, reversing a 0.5 percent drop in June. The largest contributor to the services growth was information and communication, which grew 1.5 percent. Industrial production logged a decline of 0.3 percent after a 0.9 percent drop in June. Manufacturing rose only 0.1 percent, with a mixed performance across the sub-sectors. At the same time, construction declined 0.8 percent, after a fall of 1.4 percent a month ago, data showed.Powered by Commodity Insights