Financial News: UK GDP Grows 0.1%

UK GDP Grows 0.1%

(RTTNews) - The UK economy expanded only marginally in August as growth in production was partly offset by the fall in construction, the Office for National Statistics said Thursday. Gross domestic product grew 0.1 percent in August from the last month. Although this was weaker than the 0.4 percent growth seen in July, the rate came in contrast to the expected fall of 0.1 percent.

Data showed that economic growth was underpinned by industrial production, as services output registered no growth and construction shrank 0.2 percent.

Industrial production climbed at a faster pace of 0.8 percent on a monthly basis, after rising 0.3 percent in July. The increase in manufacturing output rose to 1.2 percent from 1.0 percent.

Year-on-year, industrial production growth doubled to 1.6 percent from 0.8 percent in July. At the same time, manufacturing output rose 3.0 percent after rising 2.2 percent.

Compared with the same month a year ago, GDP advanced 2.1 percent higher in August, marking the strongest expansion in four years.

In the three months to August, real GDP grew 0.7 percent, following growth of 0.5 percent in the three months to July.

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