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Financial News: UK GDP Growth Picks Up In July

UK GDP Growth Picks Up In July

09/10/2018 - 04:59:00 (RTTNews)

(RTTNews) - The UK economy expanded at a faster pace in July, monthly GDP estimate from the Office for National Statistics revealed Monday.

Gross domestic product grew 0.3 percent month-on-month in July, faster than the 0.1 percent rise in June.

In three months to July, economic growth improved to 0.6 percent from 0.4 percent in three months to June.

"Growth in the economy picked up in the three months to July," Head of GDP Rob Kent-Smith, said.

"Services grew particularly strongly, with retail sales performing well, boosted by warm weather and the World Cup. The construction sector also bounced back after a weak start to the year."

Kent-Smith said, the dominant service sector again led economic growth in the month of July with engineers, accountants and lawyers all enjoying a busy period, backed up by growth in construction, which hit another record high level.

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