Free Trial

MNI BRIEF: UK GDP Bounce In August As Services Sector Recovers

Photo by João Barbosa on Unsplash
(MNI) London

The UK economy bounced modestly in August, recovering some of the ground lost in the previous month, helped by a better than expected recovery in the services sector, data released by the Office for National Statistics on Thursday showed.

Monthly real GDP is estimated to have grown by 0.2% in August, following a fall of 0.6% in July 2023, revised down from a provisional 0.5% fall. Following recent revisions to the early pandemic years GDP, the economy now stands 2.1% larger than in Feb 2020 on a monthly basis.

“Our initial estimate suggests GDP grew a little in August, led by strong growth in services which was partially offset by falls in manufacturing and construction," ONS Director of Economic Statistics Darren Morgan said. The ONS said growth on between 0.21% and 0.49% would be needed in September for a flat GDP reading on the quarter, assuming no revisions to prior months.

The data is in line with the BOE's forecasts, perhaps very slightly weaker, but will offer little to any discussions ahead of the November policy meeting.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
True
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
True

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.