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Free AccessMNI BRIEF: UK GDP Falls In August As Growth Stalls
amends month of previous data in para 2
UK GDP fell in August, defying analyst expectations of a modest increase, as both production and services indicators declined, the Office for National Statistics said Wednesday.
Growth fell 0.3% m/m, after a downwardly revised 0.1% gain in July. According to the ONS, September -- assuming no revisions to July or August -- will need to see month-on-month growth of 1.1% to ensure flat growth overall in the third quarter. Over the three months to August, the economy declined 0.3%.
This is in line with Bank of England estimates for a quarter of contraction in Q3. However, barring any surprise downward revisions to Q2, there will be no early technical recession for the new UK government to explain away. With inflation still the main concern for the BOE, lower growth will be a concern, but not the policy driver into the November meeting
There was some upside strength, notably from a stronger than normal summer performance from many professional services such as lawyers, accountants and architects, the ONS said,
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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.