UK Economy Experiences Minimal Growth in August, Figures Show
The British economy grew by just 0.1% in August, following a revised 0.4% growth in July, according to the Office for National Statistics.
Business & Markets • 2 hours ago
The United Kingdom's economy expanded by 0.1% in August compared to the previous month, as indicated by the latest figures from the Office for National Statistics (ONS). This modest growth follows a stronger performance in July, which saw an expansion of 0.4%, a revision from the initial estimate of 0.3%.
The August growth was primarily driven by an increase in production, which rose by 0.8%. In contrast, the services sector experienced no growth, and the construction industry saw a decline of 0.2%.
These economic figures emerge as Chancellor John Healey prepares to present the Autumn Budget in approximately two weeks, on October 28.