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Financial News: UK GDP Remains Flat In August

UK GDP Remains Flat In August

10/10/2018 - 05:06:00 (RTTNews)

(RTTNews) - The UK economy logged a flat growth in August as the increase in industrial production was offset by contraction in construction and farm sectors, the Office for National Statistics showed Wednesday.

Gross domestic product remained unchanged after expanding 0.4 percent in July. GDP was forecast to climb 0.2 percent.

Underpinned by warm weather, GDP grew 0.7 percent in three months to August from previous three months, the same rate of growth as in July.

Data showed that industrial production grew 0.2 percent in August but slower than the 0.4 percent increase seen a month ago. Meanwhile, manufacturing output shrank 0.2 percent after showing nil growth.

The dominant services output also showed flat change in August versus July's 0.3 percent increase. Construction and farm output decreased 0.7 percent and 0.2 percent, respectively.

On a yearly basis, both industrial and manufacturing output grew 1.3 percent each. Economists had forecast industrial output to climb 1 percent and manufacturing to grow 1.1 percent.

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