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Financial News: UK GDP Recovers In August

UK GDP Recovers In August

10/13/2021 - 03:05:00 (RTTNews)

(RTTNews) - The UK economy recovered in August, data from the Office for National Statistics showed on Wednesday.

Gross domestic product grew 0.4 percent on month, but slightly slower than the economists' forecast of 0.5 percent.

GDP growth for July has been revised from 0.1 percent growth to a 0.1 percent fall, mainly because of downwardly revised data for the manufacture of motor vehicles, oil and gas, and improvements to how health output is measured, the ONS said.

GDP remained 0.8 percent below its pre-pandemic level in August.

On the production-side, services output grew 0.3 percent in August. Production output increased 0.8 percent, mainly because of the continued increase in the extraction of crude petroleum and natural gas.

Meanwhile, construction contracted again, with output down by 0.2 percent.

Another report from the ONS showed that the visible trade deficit widened to GBP 14.92 billion in August from GBP 14.09 billion in July. The trade in services showed a surplus of GBP 11.2 billion versus GBP 11.14 billion in July. As a result, the total trade balance registered a deficit of GBP 3.7 billion, bigger than July's GBP 2.94 billion shortfall.

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