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Financial News: UK Economy Grows Marginally In July

UK Economy Grows Marginally In July

09/10/2021 - 02:29:00 (RTTNews)

(RTTNews) - The UK economy expanded only marginally in July, data from the Office for National Statistics showed on Friday.

Gross domestic product expanded 0.1 percent in July from June, when the economy grew 1 percent. This was also slower than the 0.6 percent growth economists had forecast.

In three months to July, GDP grew 3.6 percent, largely because of the performance of the services sector. However, this was also weaker than the expected rate of 3.8 percent.

On the production-side, services output remained broadly flat in July after rising 1.5 percent in June.

Industrial output rose 1.2 percent in July and was the main contributor to GDP growth, boosted by the reopening of an oil field production site. Manufacturing output remained flat versus June's 0.2 percent rise.

Construction contracted for a fourth consecutive month, with output down by 1.6 percent.

Another report from the ONS showed that the visible trade gap widened to GBP 12.7 billion from GBP 11.98 billion in the prior month. The expected level was -GBP 11 billion.

The total trade deficit increased to GBP 3.12 billion from GBP 2.51 billion in June.

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