UK economy bounces back in August as GDP ticks up 0.2%

‘Small glimmer of hope’ that recession could be avoided

Valeria Martinez
clock • 2 min read

The UK economy returned to growth in August after a poor July, raising hopes that a recession could be avoided this year.

According to the Office for National Statistics, gross domestic product grew 0.2% during the month, following a 0.6% dip in July — revised down from a 0.5% fall — when wet weather and continued industrial action dented activity.  Output in the services sector rose by 0.4% last month and was the only positive contributing sector to the growth in monthly GDP. Production output fell by 0.7% and construction output dropped 0.5%. In the three months to August, GDP increased by 0.3% when compared with the three months to May 2023, with growth in all sectors.  Chancellor Jeremy Hunt said:...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read
Advisers urged not to let clients 'act too soon' ahead of Budget

Advisers urged not to let clients 'act too soon' ahead of Budget

Communication is about ‘staying calm and keeping clients focused’

Isabel Baxter
clock 22 October 2024 • 5 min read
Why the Bank of England needs to stop over-sharing

Why the Bank of England needs to stop over-sharing

'We are used to the comments of central bankers moving markets'

Laith Khalaf
clock 17 October 2024 • 4 min read